Tag: Bank of Ghana
-
BoG cautions against fraudulent money-doubling scheme ‘BitCash Currency Exchange’
The Bank of Ghana is cautioning the general public against the patronage of a money-doubling scheme operating in Ghana under the name “BitCash Currency Exchange”. According to the Central Bank, the scheme which falsely claims to have its approval is a fraudulent one. A notice dated 8th March, 2022, warns the general public that the…
-
Elsie Addo Awadzi reappointed Second Deputy BoG Governor
The President, Nana Addo Dankwa Akufo-Addo has reappointed Second Deputy Governor of Bank of Ghana, Mrs. Elsie Addo Awadzi, for a second term with effective 14th February 2022. Mrs. Addo Awadzi has over 25 years of professional experience working in various capacities in Ghana and internationally in law, finance, policy and regulatory reforms, financial sector…
-
Economist predicts inflation driven hike in Ghana’s monetary policy rate.
Economist and lecturer at the University of Ghana Business School (UGBS), Dr. Patrick Opoku Asuming is confident the Bank of Ghana will soon increase its Monetary Policy Rate above the current 14.5%. This, according to him, is due to the rising inflation in the country and developments on the global scene especially the likelihood of…
-
Rate of increase in value of MoMo transactions dipped in 2021
The value of mobile money transactions in Ghana witnessed a significant dip in its rate of increase in 2021 when compared to the rate of increase in 2020. This is according to data from the Bank of Ghana. Whereas the value of mobile money transactions increased by over 100% from December 2019 to December 2020,…
-
Bank of Ghana maintains policy rate at 14.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate at 14.5% percent. This is the second time the Central Bank has maintained the rate after increasing it by 100 basis points in November 2021. The rate, which is of keen interest to businesses, does not only signal the…
-
Cedi depreciation pushes debt to almost GH¢345 billion in Nov; 78.4% of GDP
Latest data put out by the Bank of Ghana puts Ghana’s total public debt stock, as of November 2021, at US$ 58.2 billion or GH¢344.5 billion. In Cedi terms, the total debt stock increased marginally from GH¢341.8 billion in September by about GH¢3 billion to the GH¢344.5 recorded in November. In Dollar terms however the…
-
Bank of Ghana likely to maintain Monetary Policy Rate at 14.5% – IEA predicts
The Institute of Economic Affairs (IEA), is projecting an unchanged policy rate of 14.5% by the Bank of Ghana. The Monetary Policy Committee of the Central Bank is presently holding its 104th Monetary Policy Committee meeting to review developments in the economy. Speaking during a roundtable meeting on “Making Monetary Policy in Ghana More Fit-For-Purpose”…
-
Banking sector stakeholders laud directive on use of Ghana card for transactions
Stakeholders in Ghana’s banking industry are elated about the Bank of Ghana’s directive to have the Ghana card as the sole ID card to be used for financial transactions. This is because they believe this will check fraud and sanitise the country’s financial system in its entirety. The Bank of Ghana, on Wednesday, served notice…
-
Ghana Card to be the only ID for all financial transactions from July 1 – BoG
The Bank of Ghana (BoG) has served notice to all licensed financial institutions and the general public that effective July 1, 2022, the Ghana Card shall be the only identification card accepted for any form of banking or financial transactions in the country. According to a statement signed by the Central Bank and sighted by…
-
We’ve not dismissed 90% of recently recruited staff – BoG
The Bank of Ghana has dismissed reports circulating on social media that it has sacked 90% of recently recruited staff. According to the Central Bank, such reports have been twisted to misinform the general public. In a statement signed by the Bank and sighted by Citi Business News, the Bank noted that it is not…