Tag: Bank of Ghana
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Ghana’s debt stock rises to nearly 75% of GDP, as COVID-19 expenditure grows
Ghana’s debt situation continues to deteriorate as shown by new figures released by the Bank of Ghana. Total public debt stock at the end of November 2020 rose to GH¢ 286.9 billion representing a year-on-year increase of 33.69% over the total public debt stock recorded at the end of November, 2019, adding more pressure on…
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Monetary Policy Committee begins 98th meeting to assess economy
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) is scheduled to begin its regular meetings from today, Tuesday, January 26, 2021, through to Friday, 29th January 2021. The 98th meeting of the Monetary Policy Committee is to review developments in the economy and take the necessary steps to ensure financial and economic…
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Forward auction likely to stabilise cedi in first quarter of 2021 – Economist
The use of forward auctions on the interbank foreign exchange market in the country will be key in keeping the cedi stable within the first quarter of the year. This is according to economist with Databank, Courage Martey. The cedi has over the years experienced some depreciation from the last quarter of a year through…
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-1.1% GDP growth is in line with Central Bank’s economic projection – Dr. Addison
The Governor of the Bank of Ghana, Dr. Ernest Addison has stated that the recent 3rd quarter contraction of the economy is in line with the Central Bank’s economic recovery projection. His comments come on the back of new data from the Ghana Statistical Service indicating that the Ghanaian economy has contracted for the second…
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BoG, Monetary Authority of Singapore sign MoU to support SMEs
The Bank of Ghana (BOG) has signed a Memorandum of Understanding (MOU) with the Monetary Authority of Singapore (MAS) to collaborate in promoting Small and Medium-sized Enterprises (SMEs) through the use of technology. This is a follow up to earlier engagements between the Governments of Ghana and Singapore, which culminated in an understanding between the…
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First and Second Deputy BoG Governors inducted as honorary fellows of Institute of Directors
The First Deputy Governor, Dr. Maxwell Opoku-Afari, and the Second Deputy Governor, Mrs. Elsie Addo Awadzi were on Thursday, 26th November 2020, inducted as honorary fellows of the Institute of Directors-Ghana (IoD) at the Institute’s Corporate Governance Excellence Awards. – This was in recognition of their role as key advocates in the promotion of the…
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…
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Ghana’s debt stock hits GHS273.8 billion, crosses dreaded 70% debt-to-GDP mark
Ghana’s total public debt stock has risen by GHS54.8 billion in the first nine months of this year, hitting GHS273.8 billion as at the end of September 2020. Government is currently under pressure to slow down the rate of debt accumulation. The new debt figure pushes Ghana’s debt to GDP ratio to 71 percent, crossing…
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Economists expect Ghana’s policy rate to be maintained
Ahead of the commencement of the 97th Regular Meetings of the Monetary Policy Committee of the Bank of Ghana, some economists have told Citi Business News that they expect the Central Bank to maintain the rate for a fourth consecutive time. They attribute their expectations on the high fiscal deficit of the country. The 97th…
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Chartered Institute of Bankers to launch Code of Ethics to curtail fraud
As part of efforts to reduce the number of fraud cases perpetuated by employees within the banking industry, the Chartered Institute of Bankers in collaboration with the Bank of Ghana and the Ghana Association of Bankers will soon launch the Ghana Banking Code of Ethics. According to the latest banking industry fraud report from the…