Tag: Bank of Ghana
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Amoabeng, two former BoG officials, 3 others charged over UT Bank’s collapse
The state has dragged a former deputy governor of the Bank of Ghana, Dr. Johnson Asiama and a former Head of Banking Supervision, Raymond Amanfu alongside the founder of UT Bank, Kofi Amoabeng to court over their actions surrounding the collapse of UT Bank. The other persons joined to the suit include Catherine Johnson, a…
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Annerquaye Abbey writes: Why the cedi’s appreciation is good for Ghana’s public debt
The cedi’s battle against the US dollar has always been one-sided – with the local currency’s struggles well documented. It is almost certain that any news report on the cedi has always focused on how much of its value it has lost against the US dollar, occasionally interspersed with bouts of positive performance. Although the…
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Bank of Ghana to start buying gold locally to shore up its reserves
The Bank of Ghana says it will soon begin the purchase of gold from small scale mining firms as part of the bank’s plans to shore up part of its reserves which is held in gold. Governor of the central bank, Dr. Ernest Addison, speaking at the MPC press briefing last Friday stated that the…
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Bank of Ghana named Central Bank of the Year
The Bank of Ghana has been recognised by the Central Banking Awards as the Central Bank of the Year following measures it pursued in a bid to ensure a strong financial sector via a raft of reforms implemented over the past two years. The awards, which will be held on March 19, 2020, in Brussels,…
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We won’t print money to pay depositors of collapsed financial institutions – BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison, has downplayed suggestions that the central bank prints money to pay up customers whose funds have been locked up in some of the collapsed financial institutions. The Governor stated that although the bank is committed to paying depositors’ locked-up funds, printing money has not been…
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Ghana’s Public debt stock rises to GHC 214.9 billion
Ghana’s total public debt reached 214.9 billion cedis as at November 2019. According to the Bank of Ghana’s latest data on economic figures, this represents 62.1 percent of the total value of all goods and services produced in the country for the period. Out of the amount, the external debt component reached 111.9 billion cedis,…
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Reduce policy rate to improve liquidity in the system – Dr. Lord Mensah
Financial Economist and Senior Lecturer at the University of Ghana Business School, Dr. Lord Mensah, says it will be prudent for the Bank of Ghana to reduce the monetary policy rate from the current 16 percent, to improve the liquidity situation in the country. The policy rate, which determines the rate at which commercial banks…
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Cedi appreciates against major currencies in January
The local currency has enjoyed a good run against its major trading partners in the first month of the year — appreciating against all the three major currencies, the dollar, euro and pound sterling, according to data released by the Bank of Ghana. The cedi, which depreciated against all the three currencies last year, has…
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FX forward sale: BoG accepts $40m in January 28 auction
The Bank of Ghana’s auction committee accepted less than fifty percent of the total amount of bids submitted by banks in the forex forward sales for Tuesday, January 28, 2019. The forty million dollars accepted by the Central bank is about 38 million dollars less than the amount the banks bid for. Results published by…
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Barclays Ghana Managing Director optimistic about outlook of economy
The slowdown in inflation in the last month of 2019 and the relative stability of the local currency in the first month of 2020, gives the Monetary Policy Committee of the Bank of Ghana room to reduce its interest rate, the Managing Director of Barclays Ghana, Abena Osei-Poku has said. The policy rate, which indicates…