Tag: Bank of Ghana
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Increasing policy rate to check inflation not working, review approach – AGI to BoG
The Association of Ghana Industries (AGI) admonishes the central bank to review its strategy of an upward adjustment in the policy rate to check inflation. AGI thinks that the approach has over the period failed to address the challenge with inflation currently standing at over 40 per cent despite consistent hikes in the policy rate.…
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Court of Appeal justifies BoG’s appointment of Nii Dodoo as Receiver of UniBank
The Court of Appeal on Thursday, December 1, 2022, held that the High Court was wrong in deciding that Bank of Ghana’s decision to appoint Nii Amanor Dodoo as Receiver of uniBank was wrong. It may be recalled that, in the civil case to recover over GHS 5.7 billion from Dr, Kwabena Duffuor and the…
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Major mining companies were consulted on gold for oil policy
Governor of the Bank of Ghana, Dr. Ernest Addison has refuted claims that the major gold mining companies in the country were not consulted on its gold for oil policy. Vice President, Dr. Mahamudu Bawumia recently disclosed government’s intention to use gold to make purchases for oil on the commodity market. This move by government…
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Bank of Ghana increases Monetary Policy Rate to 27%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 27 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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Trade surplus hits $1.87 billion in October
Latest figures from the Bank of Ghana indicate that Ghana’s total balance of trade recorded a surplus of 1.87 billion dollars in the first ten months of the year. This, according to the Central Bank’s Summary of Economic and Financial Data is equivalent to about 2.8% of Gross Domestic Product (GDP). The surplus recorded is…
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BoG wins African Corporate Governance Network Governance Institution of the year award
Bank of Ghana has been honoured at the 2022 African Corporate Governance Network (ACGN) Directors’ Awards, held virtually on Thursday, 17th November 2022. The Bank won awards in two categories and was recognised as suitable for celebration as a Doyen of Business Excellence. Bank of Ghana won the Corporate Governance Institution of the year award…
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BoG withdraws FX support for imports of rice, toothpicks, others
The Bank of Ghana has revealed that it will no longer provide FX support for some food items imported into the country. Some of the items include rice, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramics and tiles. A message from the Central Bank to banks stated that: “in accordance with the president’s directive,…
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Bank of Ghana wins ICSA’s best fintech policy of the year award
The Bank of Ghana has been presented with the “Best FinTech Policy of the Year” award, under the Innovation and Excellence Awards category at the Connected Banking West Africa Summit, 2022. The award is in recognition of the various policies of the Bank of Ghana that have fostered digital financial services, accelerated financial inclusion and…
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1st Deputy Governor inducted as fellow into Ghana Academy of Arts and Sciences
The First Deputy Governor of the Bank of Ghana (BoG), Dr. Maxwell Opoku-Afari has been inducted as a Fellow into the prestigious Ghana Academy of Arts and Sciences(GAAS). The ceremony was held on Tuesday, 15th November 2022, in the Auditorium of the Academy in Accra. The Vice President of the Republic of Ghana, His Excellency…
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BoG, MAS, DBG partner to develop financial ecosystem for Asia-Africa SME trade
Ghana’s Micro, small and medium enterprises (MSMEs) sector is set to see a major boost as the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE). The Ecosystem aims to enhance financial capabilities and access…