Tag: Bank of Ghana
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Ghana’s free market structure prohibits regulation of cryptocurrencies – Banking Consultant
Banking consultant Nana Otuo Acheampong has blamed Ghana’s free-market economy for the Bank of Ghana’s inability to institute punitive measures to prevent persons from introducing and operating cryptocurrency schemes in the country. The remarks follow recent press releases by the Bank of Ghana (BoG) warning the public against patronizing cryptocurrencies such as Bitcoin and the…
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Stop pricing goods and services in foreign currencies – BoG warns
The Bank of Ghana (BoG) has cautioned persons pricing goods and services in foreign currencies to desist from such practices or have themselves to blame. According to the apex bank, such practices breach the Foreign Exchange Act, 2006 (Act 723) which prohibits companies and institutions from pricing, advertising, receipting, or making payments in foreign currencies…
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Reversal of COVID-19 era reliefs to banks will mop up excess liquidity – Nana Otuo
Banking consultant Nana Otuo Acheampong is confident that the reversal of the COVID-19 era reliefs given to Universal Banks, will help in mopping up excess liquidity within the banking system. According to him, instead of lending to the private sector, banks in the country continue to use the excess liquidity they have to buy treasury…
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Value of MoMo transactions decrease by 8% between December and January amidst e-levy brouhaha
The yet-to-be implemented electronic transfer levy may have already started having an impact on e-payment transactions. This is because latest data from the Bank of Ghana reveal a decrease in the value and volume of mobile money transactions, internet banking services and Ghipps Instant Pay. The Bank of Ghana’s report shows that the value of…
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![Bank of Ghana’s March 2022 Monetary Policy Committee briefing [Full text]](https://citibusinessnews.com/wp-content/uploads/2022/03/Bank-of-Ghana-732x375-1.jpeg)
Bank of Ghana’s March 2022 Monetary Policy Committee briefing [Full text]
The Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November 2021. In his address to the media on Monday, March 21, 2022, Governor of the Central Bank, Dr. Ernest Addison, noted that all…
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New MPR might aid in attracting investment for Ghana – Economist
Economist with Databank, Courage Boti, believes the revision in the monetary policy rate has the potential of attracting foreign investment into Ghana. This comes on the back of the recent increase in the policy rate by 250 basis points to 17 percent. According to him, this new development might mean more attractive interest rates for…
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Bank of Ghana increases policy rate to 17%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November of last year. The rate, which is of keen interest to businesses, signals the rate at which…
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Public debt stock rises above GH¢ 350 bn by Dec., 2021; more than 80% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at December, 2021, at US$ 58.6 billion or GH¢351.8 billion. The amount is equivalent to 80.1% of Ghana’s Gross Domestic Product, the highest level recorded in recent history. In Cedi terms, the total debt stock increased by about GH¢7.3 billion…
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Dr. John Kwakye writes: Menu of measures to build policy credibility to avoid going to IMF
The Ghanaian economy is facing a serious crisis brought on to a large extent by COVID-19 and recent geopolitical developments. A domestic policy credibility deficit, arising in part from the budget stalemate in Parliament over the e-levy and a rising debt level, has compounded the crisis. The crisis has led to the downgrading of Ghana…
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Stay away from ‘Freedom coin’ cryptocurrency – BoG warns public
The Bank of Ghana (BoG) has warned the public about an impending launch of a cryptocurrency named “Freedom Coin” in Ghana. According to a statement from the Central Bank, the cryptocurrency and its promoting company do not have any”approval from the Bank of Ghana to operate in the banking and payment sector”. The Bank reiterated…