Tag: Bank of Ghana
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BoG’s role in fiscal, monetary policies should be clearly spelt out – Franklin Cudjoe
The Founding President and Chief Executive Officer of IMANI Center for Policy and Education, Franklin Cudjoe says that the ambiguities surrounding the role of the Central Bank of Ghana on fiscal and monetary policies need to be reconsidered. Speaking on The Big Issue on Citi TV, he said the position of the Central Bank claiming…
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Cost of credit to further go up as Bank of Ghana raises policy rate to 22%
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 300 basis points to 22%. The increase in the key rate follows an emergency Monetary Policy Committee (MPC) meeting held by the Central Bank on August 17, 2022. It also comes at a time when the country is…
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BoG increases Monetary Policy Rate to 22% after crunch meeting
The Bank of Ghana has raised the Monetary Policy Rate by 300 basis points from 19 percent to 22 percent. The last change in the policy rate was in May 2022 and was maintained in July 2022. This development follows a Monetary Policy Committee meeting earlier on Wednesday because of Ghana’s recent economic challenges. The…
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E-cedi will not affect MoMo business – Bank of Ghana
The Bank of Ghana has assured that its quest to implement the digital currency, also known as the e-cedi, will not disrupt or collapse the mobile money (MoMo) system. According to the regulator, the implementation will rather be a positive one in the MoMo value chain. Speaking at the MTN Momo Stakeholder Forum organised which…
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Bank of Ghana to widen its scope on cryptocurrency
The Bank of Ghana has assured stakeholders of its preparedness to sanitize the digital space with respect to cryptocurrency. The Central Bank admits that in the initial stages of the new digital currency, there was a gap, however, the regulator has braced itself to make it cleaner while building public interest. Speaking at the MTN…
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BoG Deputy Governor chairs advisory board of UG’s College of Humanities
The First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari has been appointed as the Chairman of the Advisory Board of University of Ghana’s College of Humanities. The Vice-Chancellor of the University of Ghana, Prof. Nana Aba Appiah Amfo disclosed this when she inaugurated the 15-member Advisory Board of the College. At the…
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Bank of Ghana maintains policy rate at 19%
In its quest to ensure macroeconomic stability, the Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 19 percent. This is the first time the Central Bank has maintained the policy rate this year, after increasing it twice by 200 basis points or more. The rate, which is of keen…
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Cedi depreciation pushes Ghana’s debt to over GH¢390 bn in June; 78.3% of GDP
Latest data released by the Bank of Ghana puts Ghana’s total public debt stock as at June 2022, at USS 54.4 billion or GH¢393.4 billion. In Dollar terms, the debt dropped by about $4 billion in the first 6 months of the year, from $58.6. billion in December 2021 to $54.4 billion at half year,…
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S&L sub-sector contributes 35.1% of total assets for Q1 of 2022 – BoG
Second Deputy Governor of the Bank of Ghana, Elsie Addo Awadzi, has disclosed that the savings and loans sub-sector contributed 35.1 percent of the total assets of the specialized deposit-taking institutions sector in the first quarter of 2022. While commending the savings and loans sector for their significant role in the economy at the 12th…
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Non-resident Ghanaians can use their passports for banking transactions – BOG
The Bank of Ghana has issued a directive to banks in the country to allow non-resident Ghanaians who have not yet registered for or do not have access to their National ID cards to use their passports for banking transactions until they obtain their cards. This directive comes a few days after banks started demanding…