Tag: BoG
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Cedi depreciates slightly after dollar auction
Some bank treasuries are anticipating a relative stability of the cedi in the short to medium term following the Bank of Ghana’s auctioning of dollars to commercial banks. According to them, the depreciation may either drop slightly or remain stable in relation to other major currencies. On Thursday, the cedi depreciated slightly and hit the…
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Dollar auction may least control cedi depreciation – Economist
As the Bank of Ghana prepares to commence its first dollar auction to banks through a competitive bid, some financial observers have stated that the regulations guiding the process may put excess pressure on the banks. “You could clearly that the move by the central bank is to try to influence the banks’ rate in…
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Bank treasurers blame cedi depreciation on increased retail demand
Treasury units of commercial banks have attributed the current marginal depreciation of the cedi to an increase demand by retailers ahead of the festive season. According to them, the need for retailers to meet their payment obligations has increased demand without an equal measure in supply of dollars. “For the past two weeks, the cedi…
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BoG directs MD of ARB Apex Bank to proceed on leave
The Bank of Ghana [BoG], has directed the Managing Director of ARB Apex Bank, Kwadwo Aye Kusi, to proceed on leave effective today, November 28, 2016. It follows investigations into allegations of bad corporate governance and financial malfeasance levelled against him. A letter from the central bank and addressed to the Board Chairman of ARB…
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‘Reduced’ policy rate not good for businesses – Economist
Economist, Dr. Lord Mensah has ruled out an immediate reaction from commercial banks following the reduction of the policy rate. Though he has lauded the Bank of Ghana (BoG)’s decision to reduce the rate, he describes the figure as marginal. According to Dr. Lord Mensah, businesses must therefore be guarded in their expectations of a…
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Produce findings on Apex Bank ‘mismanagement’ – UNICOF to BoG
The Union of Industry, Commerce and Finance Workers (UNICOF) is demanding that the Bank of Ghana publishes the outcome of its investigations into the alleged mismanagement by the Managing Director of ARB Apex Bank to save the bank from further misfortune. It follows calls by the union for the MD, Kwadwo Aye Kusi to be…
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BoG courts investor confidence with fiscal discipline
The Bank of Ghana has assured investors of its resolve to contain fiscal pressures that may arise as the country prepares for this year’s general elections. According to the central bank, its commitment is to attract investments and propel economic growth. Commenting on the central bank’s resolve, the First Deputy Governor of the Bank of…
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BOG to auction proceeds from cocoa syndicated loan
Citi Business News has gathered that Ghana will soon start inviting bids for the auctioning of the foreign-exchange proceeds from the Ghana Cocoa Board’s syndicated loans for the 2016/2017 crop season. The Governor of the Bank of Ghana, Dr. Abdul Nashiru Issahaku explains that the move is to deepen the liberalization of the country’s currency…
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DKM customers meet Official Liquidator at Sunyani
Hundreds of customers of DKM Microfinance have converged on the Sunyani Coronation Park in the Brong Ahafo region for the first creditors meeting with the Official Liquidator for the liquidation process. Today [Tuesday]’s meeting is the first of three to be conducted across the country by the close of the week. About 70,000 customers have…
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Policy rate maintained at 26 percent again
The Monetary Policy Committee of the Bank of Ghana has once again maintained the policy rate at 26 percent. This is the fourth consecutive time the Committee is maintaining the rate at 26 percent since January this year. Addressing the media at the concluding part of the 72nd meeting of the MPC, Governor of the…