Dr. Ernest Addison Archives

27 Jan

We’ll Sustain Reforms Driving Economic Recovery – BoG Governor Assures

wontumionlineBusinessDr. Ernest Addison

The Bank of Ghana (BoG) is prepared to continue the necessary structural reforms to revive the country’s shaky economy. It emphasizes the importance of vigilance and commitment in realigning the country’s economic situation. Following the approval of the second $600 million tranche from the International Monetary Fund (IMF), Dr. Ernest Addison, Governor of the Bank of Ghana, stated: “We remain confident about the ongoing recovery process and would want to stress the importance of executing the needed structural reforms to support a better functioning of the economy”. He also stated that the reforms will secure the long-term viability of performance…

09 Jan

We Recorded Zero BoG Financing From 2017 To 2019 And 2021 Until Covid-19 Set In – Governor

wontumionlineBusinessBoG, central bank financing, Dr. Ernest Addison

The Governor of the Bank of Ghana, Dr. Ernest Addison, has stated that his administration started with a robust fiscal stance as the central bank financing from 2017 through to 2019 and 2021 was zero, even though the Bank of Ghana Act pegged it at 5% of the previous year’s tax revenue. According to him, this pushed inflation down quickly. Therefore, he added, the monetary policy rate also came down, and growth rebounded strongly, alluding that “This was the context for the first three years of the current administration”. Furthermore, the Governor said on the sidelines of the ECCB 40th…

28 Nov

IMF Cash, Cocoa Loan To Arrive Before End Of 2023 – BoG Governor Assures

wontumionlineBusinessBoG, cocoa loan, Dr. Ernest Addison, IMF cash

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has assured that Ghana will secure the second tranche of the International Monetary Fund (IMF) bailout package and the cocoa syndication loan before the end of 2023. “I can tell you from the last briefing that we had; things are moving relatively well when it comes to Ghana securing the second tranche of the IMF cash”, he emphasised. Dr. Addison is however worried about developments around the restructuring of Zambia’s bonds and how it could impact on Ghana’s discussion with the Official Creditor Committee. “On the Zambia situation, creditors…

05 Oct

#OccupyBoG Protest: I Won’t Resign – Ernest Addison To NDC MPs

wontumionlineNews#OccupyBoG protest, Dr. Ernest Addison

Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), has firmly rejected calls by the opposition National Democratic Congress (NDC) and the Minority caucus for his resignation. In an interview with the international business website, Central Banking, Dr. Addison stated that he has no intention of stepping down and characterized the NDC's protest as "completely unnecessary." He is quoted as saying, "The Minority in parliament have many channels to channel their grievances in civilized societies, not through demonstrations in the streets as hooligans," referring to the #OccupyBoG protest held on Tuesday. The protest aimed to denounce the economic crisis attributed by the protesters…

04 Oct

I Won’t Resign; NDC Demo “Completely Unnecessary” – BoG Governor

wontumionlineBusinessBoG Governor, Dr. Ernest Addison

The protest was held on Tuesday to denounce the economic crisis as a result of what the protesters termed poor fiscal policy by the BoG. Addison also rejected the claims by the Minority that he printed money to finance the lavish lifestyle of the ruling government. According to him, the BoG provided monetary financing during 2020 and 2022, to meet specific crises which he says is legal under the Central Bank law. The Central Bank posted losses totalling GHC60.81 billion for the 2022 financial year as against a profit of GHC1.23 billion recorded in 2021. The losses were a result…

04 Oct

BoG Has Done No Wrong, Deal With Finance Ministry – Nana Otuo Acheampong To Minority

wontumionlineBusinessBoG, Dr. Ernest Addison, Mahama Ayariga, Nana Otuo Acheampong, Samuel Okudzato Abalkwa

Banking Consultant, Nana Otuo Acheampong has jumped to the defense of the Bank of Ghana and its governors. According to him, the Governor of the Central Bank, Dr. Ernest Addison did no wrong by accepting to write off 53.1 billion cedis of government’s debt accrued from the Domestic Debt Exchange Programme (DDEP). He was reacting to the Minority’s call for the resignation of the Central Bank’s Governor and his deputies, for the mismanagement of the bank and the printing of money to support government expenditure without recourse to parliamentary approval. Speaking on PM Express, Nana Otuo Acheampong said, the BoG…

03 Oct

BoG Commences Development Of Framework To Assess Sustainability Of Banks – Governor

wontumionlineBusinessBanks, BMVA, Dr. Ernest Addison, GAB AGM

The Bank of Ghana has commenced the development of a Business Model and Viability Analysis (BMVA) Framework to enhance its supervisory practices for assessing the sustainability of banks’ business models. BMVA allows supervisors to identify banks’ vulnerabilities at an early stage and ensure safety and soundness. Speaking at the 40th Annual General Meeting of the Ghana Association of Banks, the Governor of the Bank of Ghana, Dr. Ernest Addison, said his outfit is focused on assessing the implications of banks’ strategic decisions and its alignment with their risk appetites, following the adverse impact of the Domestic Debt Exchange Programme. Due to…

27 Sep

BoG Purchases Gold Worth $700m In Reserves As Part Of ‘Gold Purchasing Programme

wontumionlineBusiness‘Gold Purchasing Programme’, BoG, Dr. Ernest Addison

The Bank of Ghana has up to date purchased gold worth about $700 million in reserves as part of its ‘Gold Purchasing Programme’. According to the Governor of the Bank of Ghana, Dr. Ernest Addison, the domestic ‘Gold Purchasing Programme’ has been very strong in helping to stabilise the economy. “The domestic Gold Purchasing Programme has been very innovative and has been very strong in helping stabilise the economy, and has been very strong in helping to keep the exchange rate stable”. On the year-to-date basis, we have to the tune of over $700 million for reserves which is gold…

26 Sep

We Have Enough Buffers To Provide Needed Liquidity Support To Banks – BoG

wontumionlineBusinessDr. Ernest Addison

Governor of the Bank of Ghana, Dr Ernest Addison, has reiterated that the Central Bank does not need positive equity to effectively play its role as the government’s lender. According to him, despite the impairment losses recorded in the 2022 financial year, the Central Bank still has enough buffers to provide the needed liquidity support to banks. Addressing journalists at the 114th MPC press briefing in Accra on September 25, 2023, Dr Addison said the Central Bank remains in a strong buffer position despite recording negative equity in 2022. “Yes, the BoG can assist as the lender of last resort,” the BoG…

13 Sep

Banking Sector Experienced Improved Performance In First Half Of 2023 – BoG Governor

wontumionlineBusinessbank of ghana, Dr. Ernest Addison

Governor of the Bank of Ghana (BoG), Dr Ernest Adison, has said that the banking sector data for the first half of 2023 reflected some improved performance, despite declines in some key financial soundness indicators. This, he said, comes after consensus reached among industry stakeholders on the treatment of the losses, and the timely introduction of the temporary prudential and regulatory reliefs by the Bank of Ghana. Dr Addison stated that the prudential data showed portfolio rebalancing from medium- and long-term investments to short-term investments by banks, amid gradual increases in new loans. As of June 2023, he said, the…