Dr. Ernest Addison

BoG Outlines Plans To Address Climate Risk, Strengthen Financial System
13 Sep

BoG Outlines Plans To Address Climate Risk, Strengthen Financial System

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The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has outlined plans to address climate risk and strengthen the financial system – including issuing a climate-related financial risk directive to provide guidance on addressing environmental risks and related issues in the industry. Speaking at the Chartered Institute of Bankers-Ghana’s 60th anniversary launch, Dr. Addison revealed that the BoG is working on a climate directive as a means of safeguarding the industry as it charts the path toward recovery. He stated that climate risk is increasingly becoming a material risk, especially for institutions exposed to vulnerable sectors of the economy. “These initiatives are aimed…
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BoG Only Financed Govt 2 Out Of 6 Years To Address Crisis – Dr Addison
22 Aug

BoG Only Financed Govt 2 Out Of 6 Years To Address Crisis – Dr Addison

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The Bank of Ghana (BoG) has debunked claims that it has been providing financing for the government every year. According to the Central bank, in the past six year, it provided financing for the government for only two years. BoG Governor Dr Ernest Addison in a statement said there has been zero financing in 2017, 2018, 2019 and 2021. He stated that BoG only financed government in the pandemic year of 2020 and the crisis year of 2022. The Bank of Ghana Act (612), as amended, limits financing of Government to five percent of previous year’s tax revenue which eh said BoG has adhered to since…
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GHS60.8Bn Wasn’t Money Lost By BoG Through Its Operations In 2022 – Governor
21 Aug

GHS60.8Bn Wasn’t Money Lost By BoG Through Its Operations In 2022 – Governor

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Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said the GHS60.8billion loss reported was a technical loss arising from the haircut and the application of accounting standards to estimate expected credit losses over the tenor of the Government debt held by the Bank. “It is not money lost by the Bank of Ghana through its operations in 2022,” he said. Rather, he explained, one should look at this as a reflection of the total cost of the economic and social crisis the country faced over the years and an attempt to resolve a major structural problem of…
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BoG Can’t Sit Aloof For The Economy To Crumble But Lessons Have Been Learnt – Quartey
09 Aug

BoG Can’t Sit Aloof For The Economy To Crumble But Lessons Have Been Learnt – Quartey

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The Director of the Institute of Statistical, Social and Economic Research (ISSER) of the University of Ghana Professor Peter Quartey has explained what may have occasioned the decision by the Bank of Ghana (BoG) to support the government. He stated that the central bank could not sit aloof for the economy crumble if the country is hit with a crisis. He however called for the regulation of the BoG when it comes to their decision to lend support to the government. Prof Quartey further said that issues that resulted in the financial challenges that the BoG is facing should not…
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$3Bn IMF Deal: Zero Financing Of Govt’s Budget Has Been Met – BoG Governor
27 Jul

$3Bn IMF Deal: Zero Financing Of Govt’s Budget Has Been Met – BoG Governor

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The Governor of the Bank of Ghana Dr Ernest Addison has said that the central bank has met its target of zero financing of government budget under a programme with the International Monetary Fund (IMF). Addressing the 113th Monetary Policy Committee (MPC) press conference in Accra on Monday July 24, Dr Addison said “Implementation of the IMF-supported Extended Credit Facility programme for the first six-months of 2023 is broadly in line with the Performance Criteria targets for June 2023. While the programme envisaged a drawdown in reserves of close to US$100 million, the BoG built reserves in excess of U$S1…
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Parliament To Subpoena BoG Governor, Dr. Addison Or Failing To File Financial Statement
13 Jul

Parliament To Subpoena BoG Governor, Dr. Addison Or Failing To File Financial Statement

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The Minority Caucus in parliament says it will engage the Speaker of the House to subpoena the Governor of the Bank of Ghana (BoG), Dr. Ernest Addison to explain why the central bank has failed to file its financial statement to the legislature. Deputy Ranking Member on the Finance Committee of Parliament, Isaac Adongo disclosed to journalists that the Governor has failed to undertake the constitutional exercise for almost six months. He explained that the law mandates the BoG to gazette its assets and liabilities every 15 days and file the financial statements by the end of the month. Mr.…
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Digital Platforms Can Drive Trade, Commerce – Dr. Addison
23 Jun

Digital Platforms Can Drive Trade, Commerce – Dr. Addison

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The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has underscored the need to leverage digital platforms and ecosystems for efficient trade, investment and commerce in Africa. Speaking at a stakeholder side-event at the 30th Afreximbank Annual Meeting, themed ‘Unlocking Africa’s trade, investment and commerce opportunities leveraging digital platforms and ecosystems’, Dr. Addison stated that it is crucial to critically examine pathways to harness and innovate diverse approaches to the people of Africa’s betterment. Dr. Addison stressed that the transformative power of technology has revolutionised industries worldwide, and Africa must seize the opportunity to foster regional integration and boost economic growth. He identified…
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FULL TEXT: BoG Governor’s Remarks At Afreximbank AGM Stakeholder Side Event
21 Jun

FULL TEXT: BoG Governor’s Remarks At Afreximbank AGM Stakeholder Side Event

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1. Once again, a very warm "Akwaaba" to the vibrant city of Accra, and let me extend my heartfelt congratulations to AFREXIMBANK on their remarkable 30-year commitment to Africa. No doubt, AFREXIMBANK’s dedication and efforts have impacted positively on the continent's economic progress and l am thankful that Ghana is hosting this landmark 30th Annual Meeting, a testament to our country's position as a hub of trade and commerce. 2. Ladies and Gentlemen, united by a shared vision for the prosperity of Africa, this event seeks to explore the immense potentials of digital technology to boost economic prospects of our…
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BoG Act Review Will Ensure Clarity – Governor
29 May

BoG Act Review Will Ensure Clarity – Governor

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The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has emphasised that the primary objective of the bank’s stance on the new Bank of Ghana Act of 2002 (Act 612) is to guarantee clarity of the law. Dr. Addison pointed out that the current Act requires an amendment to address inconsistencies and challenges with its implementation; and to clarify measurement issues, procedural matters and other related aspects to facilitate a smoother process. “We need to improve it to make these things a little easier,” he asserted at a press briefing following the 112th meeting of the Monetary Policy Committee (MPC). His comments come on…
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BoG To Reverse Foreign Exchange Control Measures
26 May

BoG To Reverse Foreign Exchange Control Measures

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The Bank of Ghana (BoG) Governor, Dr. Ernest Addison, has revealed plans to reverse the foreign exchange (FX) control measures implemented last year in response to declining reserves at the time. Those measures included the withdrawal of foreign exchange support for the importation of certain non-critical or essential goods – such as rice, poultry, vegetable oils, toothpicks, pasta, fruit-juice, bottled water and ceramic tiles. Going forward, the central bank will favour a unified FX market. The decision to nullify those measures follows approval of a 36-month arrangement under the International Monetary Fund’s (IMF) US$3billion Extended Credit Facility (ECF), as stated in the IMF’s staff…
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