Tag: BoG
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BoG maintains policy rate at 16 percent to achieve end-of-year inflation target
Cost of borrowing may not go down at least before the year ends as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 16 percent. This was announced after the final meeting of the committee for 2019. The policy rate is the rate at which commercial banks borrow…
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Improved debt collection reduces banks’ NPLs by 300 million cedis – BoG report
The Non Performing Loans (NPLs) of banks have dropped by 4.2 percent between August 2018 and the same period in 2019. According to data from the Bank of Ghana, the NPLs reduced from 7.21 billion cedis to 6.91 billion cedis. The Bank of Ghana’s report looked at activities of the twenty-three banks as at the…
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Controlling forex supply: BoG to auction additional $125m
The Bank of Ghana is seeking to auction a total of $125,000,000 for the fourth quarter of 2019; spanning October to December. The exercise is expected to be carried out in five tranches covering the three months. For each tranche, the Central bank is seeking to auction $25,000,000. A notice by the Bank of Ghana…
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![[Audio] Price escalation in Ghana : Traders shun 1& 5 pesewas](https://citibusinessnews.com/wp-content/uploads/2019/10/pesewas.jpg)
[Audio] Price escalation in Ghana : Traders shun 1& 5 pesewas
A decade and two years after the re-denomination of the Ghana cedi, access and use of the 1 and 5 pesewa coins is still on the low. This is because consumers are compelled not to use them to pay for one transaction or another as most traders are still hesitant to accept the denominations as…
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Increased foreign currency deposits contributed to cedi’s depreciation – BoG report
A latest banking sector report has shown that the increased deposits of foreign currency partly contributed to the depreciation of the cedi recorded within the first four months of 2019. According to the banking sector report spanning activities between January to April 2019, foreign currency that were deposited at banks increased by 28.2 percent in…
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Private sector contributes 97% of banks’ NPLs in 2019 first quarter
The first quarter banking sector report published by the Bank of Ghana has shown that the private sector accounted for 96.9% of the total Non-Performing Loans (NPLs) within the industry. By this, the share of loans gone bad within the banking sector not attributable to the private sector represented 3.1%. According to the banking sector…
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Tier 1 & 2 pension funds safe – Securities industry association assures contributors
The Ghana Securities Industry Association (GSIA) has given an assurance that pension funds being managed by members of the association are safe. According to the association, the regulatory framework around the management of pension funds was stringent and backed by more prescriptive guidelines that made it difficult for any of its members to divert funds…
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BoG to issue upgraded cedi notes on May 6
The Bank of Ghana (BoG) is expected to issue upgraded banknotes into circulation on May 6, 2019. The upgraded banknotes will have enhanced security features in line with evolving changes in technological landscape, according to the BoG. The bank additionally said in a statement that the upgraded banknotes also come with improved durability and machine…
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Economist lauds debt re-profiling as debt reaches GH¢172.9bn
An Economist, Professor Eric Osei Assibey has suggested that the government’s debt re-profiling could be having a positive impact on reducing the country’s debts. According to him, some interim improvements within the economy could have a greater impact if the plan is sustained. Professor Assibey’s comments come on the back of a recent Bank of…
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Ghana’s debt hits 172.9 billion cedis
The total amount that Ghana owes reached 172.9 billion cedis in November 2018. This is according to data from the Bank of Ghana. The Summary of Economic and Financial data by the central bank shows that between July and November 2018, the country added 13.2 billion cedis to its debt. The figure went up from…