Tag: Bank of Ghana
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BoG’s viability analysis framework to safeguard financial institutions – Governor
The Bank of Ghana (BOG) is developing a Business Model and Viability Analysis Framework to protect financial institutions from potential shocks resulting from the Domestic Debt Exchange Program according to the governor. BOG Governor, Dr. Ernest Addison, has reaffirmed the Central Bank’s commitment to ensuring the financial stability of banks across the country. Speaking at…
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Monetary policy rate held steady at 30%
The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After…
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Financial sector withstood 2022 shocks; positive signs ahead – BoG
The assessment of the country’s financial system has shown strong signs of resilience. Per the Bank of Ghana’s 2022 Financial Stability Review, the financial sector is on the path to recovery with the rebound expected to be sustained further in the short to medium term. The Central Bank in the review maintains that the Domestic…
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114th MPC meeting: Economic assessments begin amidst marginal inflation fall
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has commenced its regular meetings to review developments in the economy. This is the 114th meeting of the Committee and is expected to decide on steps to ensure financial and economic stability. Dominating the MPC meeting will be the policy rate decision aimed at…
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BoG wins Alliance for Financial Inclusion Institutional Leadership award
The Bank of Ghana has won the Financial Inclusion Institutional Leadership Award 2023 of the Alliance for Financial Inclusion (AFI). The award, which was given at the just ended AFI 2023 Global Policy Forum (GPF) held in Manila, Philippines from 12th – 15th September 2023, and hosted by the central bank of the Philippines (Bangko…
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BoG’s new headquarters befitting – Finance Minister
The Finance Minister, Ken Ofori-Atta, has called on all Ghanaians to rally and provide the Bank of Ghana with the needed support in the ongoing construction of its new head office. In an article titled “Citizens – Standing Strong with the Bank of Ghana,” Ofori-Atta urged the public to cease the uproar and opposition against…
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BOG moves to tackle climate risk financing
The Bank of Ghana (BOG) in its quest to strengthen the financial sector has taken steps aimed at mitigating the impact of climate risk in the books of financial institutions. “The issue of climate risk is increasingly becoming a material risk, especially for institutions exposed to vulnerable sectors of the economy” says Governor. Dr. Ernest…
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Secured loans in Q2 2023 surge to ¢5.9 billion, a 15.5% year-on-year increase
In the second quarter of 2023, the total value of secured loans granted and registered by banks and Specialized Deposit-Taking Institutions in Ghana reached an estimated ¢5.9 billion. This marked a substantial growth of 15.5% compared to the previous year. Meanwhile, Specialized Deposit-Taking Institutions reported a total of ¢971.1 million in secured loans, representing a…
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GH¢60bn loss: BoG can’t refuse to lend to government – Dr. Kwabena Duffuor
A former Governor of the Bank of Ghana, Dr. Kwabena Duffuor has said the Central Bank is obligated to provide support to government in times of a crisis provided it’s done with adherence to the law. Dr. Kwabena Duffuor who also is a former Finance Minister between 2009 to 2012 disclosed that in financing Government,…
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![What to know about new BoG Head Office [Full details]](https://citibusinessnews.com/wp-content/uploads/2023/08/BoG-new-building.jpg)
What to know about new BoG Head Office [Full details]
The Bank of Ghana has defended reasons to move from its current location in the Central Business District of Accra to Ridge citing threats of earthquakes. It said a structural integrity test conducted on its building reveal that, the edifice was not fit for purpose. There has been growing pressure on the Central Bank to…