Tag: Dr. Ernest Addison
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Policy rate maintained at 14.5% for 4th consecutive time
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate for the 4th consecutive time this year at 14.5 percent after a similar decision in May, July and September 2020. The rate is of keen interest to businesses, as it signals the rate at which the Central Bank will lend to…
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IMF’s 2020 growth rate projection for Ghana lower than BoG’s expectation
The International Monetary Fund’s (IMF) latest projection for economic growth in Ghana for 2020, is lower that the growth rate expected by the Bank of Ghana. The 0.9 percent growth rate projection by the Bretton Woods Institution in its latest World Economic Outlook report released this month for Ghana in 2020, is in line with…
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We need a people-centered and sustainable recovery post COVID – BoG Governor
The Governor of the Bank of Ghana, who chairs the Board of Governors of the IMF and the World Bank, Dr. Ernest Addison, has urged colleague Governors globally to ensure the speedy formulation and implementation of policies to protect the gains made prior to the Coronavirus crisis. In a virtual address to Governors at the…
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BoG Governor justifies conversion of bonds to cash to pay defunct MFIs, S&Ls’ customers
The Governor of the Bank of Ghana, Dr. Ernest Addison has justified the recent decision by government to release an amount of GHS3.56 billion in cash, to fully settle claims of depositors of defunct Microfinance companies, Savings and Loans firms and Finance Houses, instead of sticking to the original plan to pay that amount using…
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BoG to finance government’s budget with ¢10bn to tackle COVID-19 impact
The Bank of Ghana says it will support the government’s budget with 10 billion cedis to enable it address the economic impact of COVID-19 on the country. This will include an initial amount of 5.5 billion cedis of the COVID-19 relief bond. The Governor of the central bank, Dr. Ernest Addison, disclosed this at a…
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Bank of Ghana inaugurates 8-member Payment Systems Advisory Committee
An eight-member Payment Systems Advisory Committee to advise the Bank of Ghana on regulation and oversight of the payment systems, as well as operational and technical stands of the payment systems, has been inaugurated. The Committee, chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison, is a creation of the Payment Systems…
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BoG satisfied with banks’ compliance with corporate governance directives
The Governor of the Bank of Ghana, Dr. Ernest Addison, has lauded commercial banks’ compliance with new corporate governance directives issued in the aftermath of the banking sector clean-up. Dr. Addison, speaking at the launch of rebranded Barclays Bank Ghana to Absa Bank Ghana Limited, said the central bank’s directives were intended to create a…
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Bank of Ghana named Central Bank of the Year
The Bank of Ghana has been recognised by the Central Banking Awards as the Central Bank of the Year following measures it pursued in a bid to ensure a strong financial sector via a raft of reforms implemented over the past two years. The awards, which will be held on March 19, 2020, in Brussels,…
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We won’t print money to pay depositors of collapsed financial institutions – BoG
The Governor of the Bank of Ghana, Dr. Ernest Addison, has downplayed suggestions that the central bank prints money to pay up customers whose funds have been locked up in some of the collapsed financial institutions. The Governor stated that although the bank is committed to paying depositors’ locked-up funds, printing money has not been…
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Bank of Ghana maintains policy rate at 16 percent for record sixth time
The Monetary Policy Committee of the Bank of Ghana has voted to maintain the policy rate unchanged at 16 percent for the sixth consecutive time. This impacts on the interest people pay on their loans, as it determines the rate at which the Central Bank lends to commercial banks in the country. The Chairman of…