Tag: BoG
-
BoG advised me to streamline Menzgold operations – NAM 1
Nana Appiah Mensah, the founder of the defunct Menzgold company, who is on trial for allegedly defrauding over 16,000 people of GH¢1.6 billion, has denied circumventing the laws of Ghana to operate an illegal gold deposit-taking business. His lawyer, Kwame Akuffo, told the High Court on Tuesday, September 19, that Appiah Mensah popularly known as…
-
Treasury bill auction records 13.21% oversubscription; interest rate increases to 31.97 %
The government surpassed its auction target last week as the market continued to experience sufficient liquidity. Treasury bill sales recorded 13.21 percent oversubscription of its target of GHS 2,601 billion. According to figures from the Bank of Ghana, investors presented GHS 2.94 billion as against government’s target of GHS 2.60 billion A chunk of the…
-
Govt misses T-bills target by 12.91 percent as interest rates surge
The Government of Ghana’s Treasury Bill (T-bill) offer across 91-day to 364-day bills target of GHS 3.96 billion fell short of about 12.91 percent at last week’s auction. The offer attracted total bids estimated at GHS3.45 billion, with the treasury securing approximately 87 percent of the bids valued at GHS3.96 billion. According to the results…
-
BoG not mandated to report daily activities to Parliament – Kyei-Mensah-Bonsu
The Majority Leader, Osei Kyei-Mensah-Bonsu, has strongly criticized the Minority Leader, Dr Cassiel Ato Forson, for calling for the resignation of the governor of the Bank of Ghana (BoG) and his deputies amidst allegations of financial mismanagement. The Minority in Parliament is demanding the resignation of Dr Ernest Addison and his deputies, levelling grave allegations…
-
IMF justifies BoG’s GHS 60billion DDEP-induced loss
The International Monetary Fund (IMF) has backed the Bank of Ghana’s GHS 60 billion loss incurred in 2022. The Fund says the impairment which was brought on by the government’s Domestic Debt Exchange (DDE) was necessary to “restore macroeconomic stability and public sustainability.” The Bank of Ghana incurred the loss largely as a result of…
-
IMF assigns resident financial adviser to Bank of Ghana
The International Monetary Fund (IMF) has appointed Leonard Chumo as a financial adviser to the Bank of Ghana upon request. Funded by Switzerland’s State Secretariat for Economic Affairs (SECO), the resident adviser is expected to provide technical assistance and help build the capacity of the banking supervision function in the country. A press release from…
-
NCCE Chairperson pays courtesy call on BoG Governor
A 5-member delegation, led by the Chairperson of the National Commission for Civic Education(NCCE), Ms. Kathleen Addy, on 20th January 2023, paid a courtesy call on Governor Ernest Addison and Management of Bank of Ghana to seek mutually-beneficial relationships between the two institutions. In his remarks, the Governor of Bank of Ghana, Dr. Ernest Addison…
-
US Ambassador to Ghana pays courtesy call on BoG Governor
The US Ambassador to Ghana, Her Excellency, Virginia Palmer, has paid a courtesy call on Governor Ernest Addison and Management of Bank of Ghana. In a welcoming address, Dr. Addison provided an overview of Ghana’s current economic situation and noted that inflation had risen to over 40%, whilst the Ghana Cedi had depreciated by over…
-
We’ve not conspired with any operatives to transfer funds offshore – BoG
The Bank of Ghana has debunked allegations by the Director of Research at the Ghana Trades Union Congress (GTUC), Dr. Kwabena Nyarko Otoo that it is collaborating with some operatives at Cow-lane in Accra to illegally transfer funds offshore. The Central Bank says it vehemently denies the said allegations and also considers them extremely reckless.…
-
BoG revokes license of two popular forex bureaux in Accra
The Bank of Ghana has revoked the license of the Airport City Forex Bureau within the Atlantic Tower building and Trade House Forex Bureau Ltd, a popular forex bureau at the Marina Mall. The closure follows the failure of the operators to issue receipts and the breaching of Foreign Exchange laws in the country. The…