Tag: Bank of Ghana
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GH¢60.8bn loss won’t impact our operations – BoG Governor
The Governor of the Bank of Ghana, Dr. Ernest Addison, has emphatically stated that the institution did not breach any procurement laws in its pursuit of building a new headquarters for the Central Bank. The response from the BoG comes in the wake of concerns raised by Samuel Okudzeto Ablakwa, the Member of Parliament (MP)…
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We only provided credit to govt in 2020 and 2022 – BoG
The Bank of Ghana (BoG) has debunked claims that it has financed the government to the tune of GH¢80 billion. BoG said it did not provide credit to the government from 2017 to 2019 or 2021. The Bank said it was only in 2020 that it issued the GH¢10 billion COVID-19 bond to the government,…
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We acted as loss absorber; don’t point to insolvency or bankruptcy – BoG insists
The Bank of Ghana has assured that it is committed to the highest standards of prudent management, governance, and transparent accounting and auditing methods. It stated that because it is a non-commercial bank, its financial results have no impact on its operations. This comes on the back of calls for the resignation of the Governors…
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Construction of $250m new Headquarters justified – BoG
The Bank of Ghana (BoG) has justified the construction of a new headquarters, insisting that its current head office, built in the 1960s, is no longer fit for purpose. The National Democratic Congress (NDC) at a press conference on Tuesday, August 8, accused the Bank of Ghana of building a new head office at an…
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Govt misses T-bills target marginally by 3.6%
The government’s treasury bills target of GHS 2.262 billion fell short of about 3.6 percent. The Bank of Ghana results show that the government secured GHS 2.179 billion as against a target of GHS 2.261 billion. This 3.6 percent decrease in target does not directly impact strong investor demand as interest rates continued to surge…
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Taking haircut saved economy, sent positive signal to external partners – BoG
The Bank of Ghana (BoG) says its decision to take a 50 percent haircut on government’s debt has saved the economy from collapse and sent a positive signal to external partners. “With BoG being the absorber, the external partners are also watching. Remember they also need to go through some debt treatment but before that,…
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BoG answers questions arising from GHS 60 billion loss
The Bank of Ghana (BoG) has provided answers to the GHS 60 billion loss it posted at the end of the 2022 financial period. This significant loss, was largely caused by the Domestic Debt Exchange Programme (DDEP). The huge impairment is also attributed to a 50% haircut on non-marketable holdings of Government of Ghana securities,…
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BoG should not entirely be blamed for GH¢60.81bn loss – Adu Sarkodie
An economist at the University of Ghana, Dr. Adu Sarkodie has defended management of the Bank of Ghana over the GH¢60.81 billion loss the apex bank incurred in the 2022 fiscal year. Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Dr. Sarkodie indicated that for the period under review, the Bank…
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…
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‘It’s a worry to us’ – BoG governor on hoarding of dollars
The governor of the Bank of Ghana (BoG), Dr Ernest Addison, has expressed concern over the practice of individuals keeping large volumes of foreign currencies in their homes. Asked whether the BoG was worried over a report that the immediate past Minister of Sanitation and Water Resources Madam Cecilia Dapaah kept over One million dollars…