Tag: Bank of Ghana
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BoG cautions against use of Ghana Cedi for bouquets and hampers
The Bank of Ghana has cautioned Ghanaians against the use of cedi banknotes as bouquets and hampers when gifting people. According to Bank, the currency was issued to be used as a medium of exchange for the purchase of goods and services and not for gifting people. Addressing the media on how to preserve the…
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BoG assures of enhanced educational campaigns to ensure proper handling of local currency
The Bank of Ghana has assured that it will continue to put in place measures to ensure the proper handling of Ghana’s local currency notes. This the Bank notes has risen due to the upsurge in the number of worn-out currencies in circulation, hence the need to embark on rigorous processes to save the currency…
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Bank of Ghana increases Monetary Policy rate to 29.5%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 150 basis points to 29.5 percent. The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks. It also subsequently influences average lending rates on…
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BoG honoured at National Honours and Awards 2023
The Bank of Ghana has been recognized by His Excellency, the President of the Republic of Ghana, Nana Addo Dankwa Akufo-Addo for the distinguished roles it played during the fight to contain the Covid-19 Pandemic. Specifically, the Bank had to immediately trigger its emergency support clause under Section 30 of the Bank of Ghana Act,…
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BoG directs banks to submit prudential reports on sex-disaggregated basis
Banks and other deposit-taking institutions in the country are now required to submit their monthly prudential returns to it on a sex-disaggregated basis. This new move introduced by the Bank of Ghana (BoG) is to be collected in an online reporting portal, is to give the Bank a full view of the gender dynamics in…
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BoG justifies funding government’s 2022 budget with ¢44.5bn
The Bank of Ghana (BoG) has given reasons for financing of the government’s 2022 budget with about ¢44.5 billion. This is coming after renewed discussions in the media regarding the Bank’s funding of the budget in 2022. A statement issued by the Central Bank notes that, its net claims on the government increased by about…
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Government to securitize $3.3bn in Central Bank loans
Ghana plans to convert an estimated 40 billion cedis ($3.3 billion) of loans owed to the Bank of Ghana into bonds, making the Central Bank the single largest holder of domestic government securities and exposing it to the ongoing debt restructuring process. According to people familiar with the matter, the bonds will be issued by…
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Policy Rate increased by 100 basis points; now at 28%
The Bank of Ghana has increased the Monetary Policy Rate by 100 basis points to 28 percent. This was announced after the Monetary Policy Committee of the Central Bank held its first meeting of the year to review developments in the economy. The prime rate, which is of keen interest to businesses, signals the rate…
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Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments
Retail customers not interested in a rollover of their cocoa bills would now be paid using COCOBOD’s deposits at the banks. That’s the agreement reached among the Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks following the COCOBOD’s bills default. This comes after Government last week, defaulted in the payment of matured…
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Don’t take loans from these 19 unlicensed firms – BoG warns
The Bank of Ghana (BoG) has warned the public to desist from receiving loans from unlicensed loan providers and thus issued a list containing the names of such entities. The BoG says the activities of these unauthorised loan providers are in contravention with the Banks and Specialised Deposit-Taking Institutions Act. The list of the unlicensed…