Tag: Dr. Ernest Addison
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BoG moves to ensure banks don’t pass on operational inefficiencies as high lending rates
The Governor of the Bank of Ghana Dr. Ernest Addison has said the bank is putting in place measures to streamline the remuneration of banks’ employees as a way of curtailing inefficiencies in the sector which is passed on to consumers in the form of high lending rates. “Bank of Ghana will work closely with…
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BoG to consider introduction of E-Cedi to boost digital transactions in future
The Bank of Ghana has announced plans to introduce an electronic currency, E-Cedi, in the near future to enhance digital financial services in the country. According to a report by the Bank of Ghana, digital transactions such as mobile money keeps increasing in the country, while the value of cheques issued by commercial banks keeps…
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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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Deposit Protection Scheme will restore confidence in financial sector—Dr. Bawumia
The Vice President, Dr. Mahamudu Bawumia, is optimistic the setting up of the Ghana Deposit Protection Scheme will enhance confidence in the financial sector. He explained that the passage of the Deposit Protection scheme, which will be implemented by the Ghana Deposit Protection Corporation, will also reform the financial sector since there are strict guidelines…
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BoG will not hesitate to raise policy rate to deal with inflation
The Governor of the Bank of Ghana, Dr. Ernest Addison, has said the central bank will not hesitate to increase its monetary policy rate to deal with any surge in inflation. The central bank’s policy rate which signals the rate at which it lends to commercial banks is currently pegged at 16 percent while inflation…
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Collapsed banks were beyond redemption – Addison
Governor of the Bank of Ghana, Dr. Ernest Addison, has maintained that it was the right decision to revoke the licences of some local banks as their level of insolvency and poor corporate governance structures did not make bail out a good option. The regulator has been accused by some members of the public for…
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Stop paying facilitation fees to middlemen for wholesale deposits — BoG warns banks
The central bank has directed banks and other specialised deposits institutions to, as a matter of urgency, desist from paying facilitation fees to middlemen or agents that assist in securing wholesale deposits. The Bank of Ghana in a statement issued on Wednesday said it made the observation during the recent banking industry clean up exercise.…
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Legacy debt repayment: Banks to access another tranche by end of August
Banks that are exposed to the legacy debts within the energy sector say they are expecting some disbursements by the end of this month to defray part of the outstanding debt. They are also anticipating a swift clearing of the remaining amount with Parliament’s approval of the increase in the Energy Sector Levy. The NPP…
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Dr. Addison appointed co-chair of Swiss-based Financial Stability Board
Swiss-based Financial Stability Board (FSB) has appointed Governor of the Bank of Ghana, Dr. Ernest Addison as a Co-Chair of the Regional Consultative Group for sub-Saharan Africa effective July 1, 2019. Dr. Addison will be working with Governor of the Reserve Bank of South Africa, Lesetja Kganyaga to jointly Chair the Regional Consultative Group of…
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Dr. Addison casts doubt on new Eco common currency adoption strategy
Governor of the Bank of Ghana, Dr. Ernest Addison, has suggested that the strategy for the adoption of the eco, as a common currency for the West Africa sub-region, could fall short again. Dr. Addison speaking at last Friday’s Monetary Policy Committee’s press conference in Accra stated that adoption of the common currency must be…