Tag: Bank of Ghana
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Forex licenses of Fidelity Bank, First National Bank restored – BoG
The Bank of Ghana (BoG) has restored the forex licenses of Fidelity Bank and First National Bank. The Central Bank had temporarily suspended the two financial institutions for breaching some sections of the Ghana Interbank Forex Market Conduct rules, according to the Bank of Ghana (BoG). Fidelity Bank and First National Bank were fined a…
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Rising inflation forces monetary policy tightening; rate up by 0.5 to 30 percent
The Bank of Ghana (BoG) has tightened the monetary policy rate by 50 basis points, pushing it up to 30 percent. This was determined following the apex bank’s review of economic trends in the last two months. This means the cost of borrowing at banks has risen by 0.5 percent from the previous rate of…
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Ghana records US$ 1.77bn trade surplus; represents 2.4% of GDP
Ghana gained a trade surplus of $1.77 billion in the first six months of 2023. This amount is almost 2.4 percent of the country’s Gross Domestic Product (GDP). Overall exports were estimated to be $8.17 billion in the first half of the year. Total imports were estimated to be $6.40 billion for the same period,…
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Cedi stabilizes against dollar; records 22.1 percent year-to-date depreciation as of July
Ghana’s local currency, the cedi recorded some stability against major trading currency the dollar. The Bank of Ghana reports that the cedi as of July 21, 2023, had a year-to date depreciation of 22.1 percent. The year-to-date depreciation of the cedi to the Euro and Pound stood at 26% and 28.3% respectively. Comparatively, the cedi’s…
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Ghana’s public debt stock jumps to GHS 569.3bn; represents 71.1% of GDP
Ghana’s public debt has risen to GHS 569.3 billion as of April 2023. Per the Bank of Ghana’s figures, this represents a GHS 134.7 billion increase since January 2023. In dollar terms, the total debt stock stood at US$ 52 billion. The increase amounts to 71.1 percent of Gross Domestic Product (GDP). External debt for…
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Bank of Ghana gold reserve increases — Governor
Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has announced that the central bank has seen an increase in its gold reserves this year. He said by June 30, the BoG had added more than 7.70 tonnes of monetary gold to its gold reserves, of which the mining firms accounted for about 80…
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Central Bank tightens sale of gold regime to address destructive artisanal mining
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said that the central bank, together with the Lands and Natural Resources Ministry, has introduced rigorous measures to curb environmentally destructive artisanal small-scale gold mining and its sale. Dr. Addison made the announcement at the opening of the 4th Ghana Mining Expo in Takoradi,…
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Savings and loans companies receive assurance from BoG to resolve NPLs
Savings and loans companies in the country have received assurances from the central bank that steps will be taken to resolve difficulties with Non-Performing Loans (NPLs) and high interest rates. The Central Bank claims to have seen the difficulties facing the sector’s operators. As the bank continues to work to ensure financial stability, Mr. Osei…
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BoG Governor criticized for delays in filing financial statements
The Deputy Ranking Member on the Finance Committee of Parliament, Isaac Adongo, has strongly criticized the Governor of the Bank of Ghana, Dr. Ernest Addison, for the delay in filing the financial statements of the central bank. According to Adongo, the law mandates the Bank of Ghana to publish its assets and liabilities every 15…
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Bank of Ghana to auction US$120 million to BDCs in 2023 third quarter
The Bank of Ghana will in the third quarter of 2023 sell $120 million to Bulk Oil Distribution Companies (BDCs) under the FX Forward Auction Calendar for the same period. the calendar, $40 million each would be auctioned in July, August and September. Further breakdown suggests that $20 million each will be sold on July…