Dr. Ernest Addison

Poor Performance Of Cedi In 2022 Will Not Repeat Itself – BoG Governor Assures
17 Jan

Poor Performance Of Cedi In 2022 Will Not Repeat Itself – BoG Governor Assures

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The dollar has begun a steady rise over the cedi in the last few weeks prompting fear the country is heading back to the dark days of 2022 when the cedi depreciated. The Bank of Ghana is today quoting the exchange rate at ¢10.30 to the dollar but the rate is slightly higher in the commercial space with some quoting ¢12.50. But despite the rise, the Governor of the central bank Dr Ernest Addision is confident the worst days of the cedi are over. According to him, the poor performance of the currency in 2022 will not repeat itself. This,…
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Cedi-Dollar Ratio: The Exchange Reflects A Lot Of Day-To-Day Pressures In The Economy – BoG Boss
17 Jan

Cedi-Dollar Ratio: The Exchange Reflects A Lot Of Day-To-Day Pressures In The Economy – BoG Boss

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Governor of the Bank of Ghana (BoG) Dr Ernest Addison has said that the exchange rate reflects a lot of day-to-day pressures in the economy. The local currency which witnessed marginal recovery in December 2022, has now come under pressure in January 2023. Per the Bank of Ghana rate, the Cedi, as of Tuesday, January 17 was 10.3305 and selling at 10.3409 to a Dollar. https://twitter.com/thebankofghana/status/1615232860356546561?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1615232860356546561%7Ctwgr%5Eb737cece305992a6a525e005ed46d3efa04e19bb%7Ctwcon%5Es1_&ref_url=https%3A%2F%2F3news.com%2Fcedi-dollar-ratio-the-exchange-reflects-a-lot-of-day-to-day-pressures-in-the-economy-bog-boss%2F Speaking at the Public Appointments Committee of Parliament on Monday, January 16, Dr Addison “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. “The…
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Cedi Depreciation Due To Pressure On Economy – BoG Governor
17 Jan

Cedi Depreciation Due To Pressure On Economy – BoG Governor

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The Governor of the Bank of Ghana, Dr Ernest Addison, has indicated that the pressure on the Ghanaian economy is the reason behind the depreciation of the cedi. Appearing before the Public Accounts Committee of Parliament, he said his outfit cannot fix the exchange rate if there is so much pressure on the economy. “It reflects the movement on a day-to-day basis. If there is additional demand for cedis the currency will be restricted. The Central Bank cannot fix the exchange rate, it depends on what transactions have taken place like payments to contractors.” “Typically that kind of payment can…
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BoG To Hold 2023 First MPC Meeting Later In January 2023
05 Jan

BoG To Hold 2023 First MPC Meeting Later In January 2023

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The Bank of Ghana has announced that it will hold its first Monetary Policy Committee (MPC) meeting for 2023 from Tuesday, January 24, to Friday, January 27 to review developments in the economy. The meeting, which will be the 110th is expected to heavily discuss Ghana’s high inflation rate which stands at 50.3 percent, the highest in 27 years. Also, the committee will use the meeting to decide whether to hike the policy rate, maintain it, or reduce it. “The meetings will conclude with a press conference on Monday, January 30, 2023 to announce the decision of the Committee”, a short…
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Proposed Debt Exchange Programme Will Bring Some Confidence Into Economy – Dr. Addison
05 Dec

Proposed Debt Exchange Programme Will Bring Some Confidence Into Economy – Dr. Addison

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The Governor of the Bank of Ghana, Dr. Ernest Addison, has expressed hope that the proposed debt exchange programme to restructure the country’s debt will bring some confidence into the economy as well as enhance the ongoing monetary policy to control inflation. According to him, this has become necessary due to the economic challenges, which many banks are being affected. This has led to high cost of borrowing and doing business in the country. Speaking at the Annual Bankers Dinner in Accra which is part of the Bankers Weeks celebration by the Chartered Institute of Bankers Ghana, Dr. Addison said…
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BoG Will Ensure Banks Remain Solvent – Dr Addison
29 Nov

BoG Will Ensure Banks Remain Solvent – Dr Addison

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Dr. Ernest Addison, the governor of the Bank of Ghana (BoG), has expressed worry about the solvency of some Ghanaian banks. According to him, the Central Bank will put in measures to ensure that banks remain solvent. This, he said is the most important task of the Central Bank. The decision by the BoG comes as the government prepares to restructure its debt to pave way for an International Monetary Fund (IMF) bailout. This will include haircuts to bondholders. Dr. Ernest Addison explained at a media briefing that: “The good thing is that we think that there are adequate buffers.…
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IMF Indicates Commitment In Reaching Agreement On Framework, Policies With Ghana
21 Oct

IMF Indicates Commitment In Reaching Agreement On Framework, Policies With Ghana

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The International Monetary Fund (IMF) has indicated it is fully committed to reaching an agreement on a framework and policies for an IMF-supported programme as soon as feasible. This follows the conclusion of a meeting between the Fund, led by Stéphane Roudet, and the Finance Minister, Ken Ofori-Atta; the Governor of the Bank of Ghana, Dr Ernest Addison, and other team members. It, however, did not indicate when the framework and policies for an IMF-supported programme will be announced. In a statement issued by Stéphane Roudet, the Fund said, “we made good progress in identifying specific policies that would restore…
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BoG Maintains Tough Stance On Inflation Fight
28 Sep

BoG Maintains Tough Stance On Inflation Fight

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Governor of the Bank of Ghana (BoG) Dr. Ernest Addison has indicated that the monetary authority will not relent in its battle to beat down inflation and attain price stability, despite global and local pressures militating against its efforts. In a speech read on his behalf at the 39th Annual General Meeting (AGM) of the Ghana Bankers’ Association (GAB) by the Head of Banking Supervision at the central bank, Osei Gyasi, the Governor suggested that further rate hikes are within the realm of possibility, albeit without hinting at an imminent raise. “With continued pressures and heightened inflation expectations… considering that inflation remains…
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