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BoG to reduce policy rate in mid 2018 – ABSA Capital

Dr. Ernest Addison - BoG Governor

Some analysts have suggested that the Monetary Policy Committee (MPC) of the Bank of Ghana could keep its rate at least until May this year – 2018. According to the Africa strategist at Absa Capital, Ridle Markus, the decision to maintain the rate runs contrary to their expectation for a 100 basis points cut. The Governor of the Bank of ...

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Ghana’s imports drop marginally in 2017

oil money

Ghana’s imports have dropped marginally between 2016 and 2017, figures from the Bank of Ghana have shown. The country’s imports declined from 12.9 billion dollars in 2016 to 12.7 billion dollars in 2017. This translates into a drop of 1.7 percent within the one year period. Total exports also reached 13.7 billion dollars from 11 billion dollars in 2016. As ...

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Economists critique govt’s debt re-profiling plan

Ken Ofori-Atta - Finance Minister

Some Economists have described as unsuccessful, the NPP government’s debt management strategy within the first year of its administration. In their views, the government must do more if it is to reduce the country’s debt burden going forward. The comments follow the latest Bank of Ghana report which shows that Ghana’s debt has reached 138.8 billion cedis equivalent to 68.7 percent ...

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Digital currencies not licensed in Ghana – BoG

bit

The Bank of Ghana has cautioned the public against transacting business with digital currencies such as Bitcoin, in Ghana. According to the Central Bank, it has not licensed the activities in digital currency under the Payments System Act 2003. “The Bank of Ghana wishes to notify the general public that these activities in digital currency are currently not licensed under ...

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BoG keeps policy rate at 20 percent

bog microfinance

The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 20 percent. The decision was announced at the media briefing to conclude the MPC’s annual meetings on Monday, January 22, 2018. The MPC last year (2017), reduced the policy rate by 550 basis points. In 2017, the figure went down from 25.5percent in January ...

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BoG announces policy rate today     

Governor of BoG, Dr. Ernest Addison

The Governor of the Bank of Ghana, Dr. Ernest Addison is today [January 22, 2018] expected to announce the central bank’s policy rate for commercial banks for the next couple of months. It follows the completion of the Monetary Policy Committee (MPC’s) annual meetings to review the Ghanaian economy. Today’s announcement will be the first for this year and it ...

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MTN  aiming to be Africa’s biggest bank

mtn_-_flickr_1

MTN, Africa’s biggest mobile operator, is gunning to become Africa’s biggest bank. The ambitious business strategy was revealed by MTN CEO Rob Shuter yesterday during the Deloitte Africa in 2018 Outlook conference in Woodmead. The company is encouraged by the progress made by its Mobile Money offering in other geographies that it operates in. This is despite MTN Mobile Money failing to ...

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Ghana’s total debt stock hits GH¢138.8bn

Ken Ofori Atta - Finance Minister

New figures released by the Bank of Ghana (BoG) show that the country’s total debt stock has hit GH¢138.8 billion cedis as of November 2017— representing 68.7 percent of the GDP. It shows a marginal decrease in the September figure of 138.9 billion cedis compared to the November figure of 138.8 billion cedis The figures, however, show that the debt ...

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BoG’s MPC meets over economy today

bog

The Monetary Policy Committee (MPC) of the Bank of Ghana will today [January 19, 2018] commence its annual meetings to review the Ghanaian economy. This will be the first for this year and it will conclude with the announcement of a policy rate on Monday, January 22, 2018. For last year [2017] alone, the central bank reduced the policy rate ...

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BoG to enforce International Financial Reporting Standards this year

Governor of BoG, Dr. Ernest Addison

The Bank of Ghana (BoG) has stressed that it will enforce the implementation of the International Financial Reporting Standards (IFRS 9) among banks in the country, this year. The IFRS is a tool which requires all financial institutions to comply with a common financial reporting standard which will among others reduce their exposures to Non-Performing Loans (NPLs). The move also ...

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