Tag: Bank of Ghana
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Bank of Ghana’s operational mechanism ‘very pleasing’ – Prof. Aryeetey
At the launch of Ivor Agyeman-Duah’s comprehensive book on the Bank of Ghana, titled “Central Banking in Ghana and the Governors – Institutional Growth and Economic Development,” Professor Ernest Aryeetey, the Secretary General of the African Research Universities Alliance and former Vice Chancellor of the University of Ghana, praised the Bank’s operational mechanism, stating that…
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Inflation targeting framework is still effective – BoG
The Bank of Ghana has reiterated its assertion that the inflation targeting mechanism is the most effective monetary policy formulation strategy to help to drive inflation down. This comes despite concerns by some experts that the IT framework had outlived its usefulness and cannot be effective against price pressures. Speaking at the launch of the…
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BoG projects inflation to remain above 10% until 2025
The Bank of Ghana (BoG) is projecting a downward trend of inflation until the end of the 2025 barring any unanticipated shocks. However, it anticipates the upper band of 8±2 to remain percent during the same period. This means, inflation will remain above 10 percent till the next two years. These projections were captured in…
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BoG warns against 97 illegal loan Apps in Ghana
The Bank of Ghana (BoG) has cautioned the public against the operation of some online Apps operating without authorization. 97 of such applications have thus been cited for engaging in unlicensed lending activities in contravention of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (930). “The Bank of Ghana reiterated that the activities of these…
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We’re ready to provide liquidity support to banks – BoG reiterates
The Bank of Ghana has reiterated that it stands ready to provide emergency liquidity support for banks in the country in line with their rules for liquidity assistance. According to the Central Bank, though no bank in the country has applied for liquidity support from the central bank currently, it has put in place measures…
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Ghana Association of Banks welcomes provisions for recapitalization
The Ghana Association of Banks is urging banks whose capitals are below the minimum capital requirement to quickly build it up to meet the right requirements proposed by the Central Bank. The Association maintains that this will also boost their businesses. This comes as the Bank of Ghana has given banks up to the end…
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BoG commissions Financial Industry Command Security Operations Centre
In its quest to ensure the delivery of a safer digital financial industry, the Bank of Ghana (BoG) has inaugurated an advanced command centre known as the ‘Financial Industry Command Security Operations Centre (FICSOC)’. The move forms part of efforts to curb the numerous cybersecurity risks in the country and to create a secure cybersecurity…
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Investments, loans issues top complaints at banks for 2022 – BoG report
Customer issues regarding investments and loans were among the top five category of complaints recorded in banks for 2022. The others included complaints on current accounts, digital and electronic-money services and products. This is according to the Bank of Ghana (BoG) Complaint Management Report 2022. Out of the total 983 reports received, investment products and…
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Gold for Oil has doubled Ghana’s gold reserves – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison says the country’s gold reserves have doubled following the gold for oil deal. Ghana’s gold reserves according to the Governor would have been low if the gold for oil policy was not rolled out. The program was initiated by the government as a response…
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BoG directs commercial banks to recapitalize by September
Governor of the Central Bank, Dr. Ernest Addison says commercial banks in the country have been given September of this year to show proof of their re-capitalization plan. Banks are expected to raise some GH¢400 million to remain in business despite the negative effect of the Domestic Debt Exchange Programme on their operations. Answering questions…