Tag: Bank of Ghana
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Value of MoMo transactions decrease by 3% between March and April 2022
The value of mobile money transactions has seen a three percent decrease between March and April 2022. According to latest data from the Bank of Ghana, the value of transactions dropped from GHS90.5 billion in March to GHS87.7 billion in April. The number of MoMo transactions also dropped from 413 million in March to 403…
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Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison
Governor of the Bank of Ghana Dr. Ernest Addison, has revealed that Ghanaians are likely to experience heightened inflation rates for the rest of the year 2022 but should expect a single digit inflation in the year 2023. The national inflation rate as at April this year stood at 23.6%, almost triple the Central Bank’s…
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Monetary Policy Rate increased again by 200 basis points; now at 19%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 200 basis points to 19 %. This is the second time in 12 months that the Central Bank has increased the key rate by 200 basis points or more. The rate, which is of keen interest to businesses,…
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Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in April; 78% of GDP
Recent data released by the Bank of Ghana puts Ghana’s total public debt stock as of March 2022, at US$ 55.1 billion or GH¢391.9 billion. In Dollar terms, the debt dropped by over $3 billion in the first 3 months of the year, from $58.4 billion in January to $55.1 billion in March. In Cedi…
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BoG Governor confident inflation has peaked; expects rate to start declining
Governor of the Bank of Ghana, Dr. Ernest Addison, has described as baffling the sustained rise in the rate of inflation in the country. According to the governor, the Monetary Policy Committee, which is meeting to review developments in the economy, will need to decide on the current policy rate, which stands at 17%. The…
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BoG reiterates calls for public to report unapproved banking charges
The Bank of Ghana is tasking customers to report to the Central Bank any suspicious or unapproved charges from their financial institutions. In June 2021, the Bank of Ghana warned commercial banks and specialised deposit-taking institutions (SDIs) in Ghana to abolish unfair charges in the banking sector. In a statement, the Bank of Ghana noted…
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Stay away from ‘SIDICOIN’ cryptocurrency investment scheme – BoG warns public
The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency investment scheme named “SIDICOIN” in Ghana. According to a statement from the Central Bank, neither the cryptocurrency investment scheme nor its promoters have any approval from the Bank of Ghana to operate in the banking and payment services sector.…
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Concrete steps must be taken to expand production to promote regional trade – BoG
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi has reiterated the need for concrete steps to be taken to expand production and delivery of goods and services to promote regional trade and growth under the African Continental Free Trade Area. According to her, this will help accelerate the progress of the implementation…
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BoG assures of robust policies to stimulate economic growth– Elsie Awadzi
As the country finds ways of recovering from the COVID-19 pandemic and the on-going war between Russia and the Ukraine, the Bank of Ghana has assured that it will continue to provide strong policy support to promote domestic and regional economic growth recovery efforts. This is according to the Second Deputy Governor of the Bank…
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Prof. Ebo Turkson appointed to BoG’s Monetary Policy Committee
The Bank of Ghana has appointed Professor Festus Ebo Turkson, as an external member of the Bank of Ghana Monetary Policy Committee (MPC). Professor Turkson replaces Dr. John K. Kwakye who retired as an External Member of the MPC having served the statutory term limit A statement issued by the Central Bank notes that his…