Tag: BoG
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Mobile money value hits 156 billion cedis
The total value of mobile money transactions in Ghana hit 155.8 billion cedis in 2017. This is almost double the 78.5 billion cedis recorded in the preceding year (2016). This translates into about 99 percent rise in the value of transactions for the period. According to the Bank of Ghana, the volume of mobile money…
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BoG unfazed by digital currency inroads in Ghana
The Bank of Ghana is confident it should be able to regulate activities on the use of digital currencies in Ghana, with the passage of the new laws on electronic financial payments in Ghana. The renewed optimism follows the launch of Finchcoin, the first Ghanaian manufactured digital currency. Already, the central bank has cautioned the…
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Accent financial begs for time over locked up cash
Accent Financial Services has assured customers it has commenced processes to pay all outstanding arrears owed customers. According to the management of the company, the new plan should help it fulfill its mandate as soon as possible. This follows some agitations from customers over their inability to retrieve their locked up cash from the company.…
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Cedi depreciates 3.4% to dollar in 2017
The cedi’s losing streak against major trading currencies continues on the foreign exchange market. Even though there is an indication of a marginal improvement in the cedi’s performance, the currency is still struggling to stabilize against major ones. According to the Bank of Ghana, between May and December 2017, the cedi depreciated by 3.4 percent…
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BoG to reduce policy rate in mid 2018 – ABSA Capital
Some analysts have suggested that the Monetary Policy Committee (MPC) of the Bank of Ghana could keep its rate at least until May this year – 2018. According to the Africa strategist at Absa Capital, Ridle Markus, the decision to maintain the rate runs contrary to their expectation for a 100 basis points cut. The…
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Ghana’s imports drop marginally in 2017
Ghana’s imports have dropped marginally between 2016 and 2017, figures from the Bank of Ghana have shown. The country’s imports declined from 12.9 billion dollars in 2016 to 12.7 billion dollars in 2017. This translates into a drop of 1.7 percent within the one year period. Total exports also reached 13.7 billion dollars from 11…
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Economists critique govt’s debt re-profiling plan
Some Economists have described as unsuccessful, the NPP government’s debt management strategy within the first year of its administration. In their views, the government must do more if it is to reduce the country’s debt burden going forward. The comments follow the latest Bank of Ghana report which shows that Ghana’s debt has reached 138.8 billion…
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BoG keeps policy rate at 20 percent
The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 20 percent. The decision was announced at the media briefing to conclude the MPC’s annual meetings on Monday, January 22, 2018. The MPC last year (2017), reduced the policy rate by 550 basis points. In 2017, the figure went…
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BoG announces policy rate today
The Governor of the Bank of Ghana, Dr. Ernest Addison is today [January 22, 2018] expected to announce the central bank’s policy rate for commercial banks for the next couple of months. It follows the completion of the Monetary Policy Committee (MPC’s) annual meetings to review the Ghanaian economy. Today’s announcement will be the first…
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BoG’s MPC meets over economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today [January 19, 2018] commence its annual meetings to review the Ghanaian economy. This will be the first for this year and it will conclude with the announcement of a policy rate on Monday, January 22, 2018. For last year [2017] alone, the central…