Tag: Losses
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GH¢60bn loss: BoG can’t refuse to lend to government – Dr. Kwabena Duffuor
A former Governor of the Bank of Ghana, Dr. Kwabena Duffuor has said the Central Bank is obligated to provide support to government in times of a crisis provided it’s done with adherence to the law. Dr. Kwabena Duffuor who also is a former Finance Minister between 2009 to 2012 disclosed that in financing Government,…
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NDC demands resignation of BOG Governor, deputies within 21 days
The opposition National Democratic Congress (NDC) is calling for the resignation of the Governor of Bank of Ghana (BoG), Dr Ernest Addison and his deputies. The party has threatened to march to the premises of BoG to drag Dr Addison and his deputies from office if they fail to resign within 21 days. The Bank…
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BoG should not entirely be blamed for GH¢60.81bn loss – Adu Sarkodie
An economist at the University of Ghana, Dr. Adu Sarkodie has defended management of the Bank of Ghana over the GH¢60.81 billion loss the apex bank incurred in the 2022 fiscal year. Speaking to Bernard Avle on the Citi Breakfast Show on Citi FM, Dr. Sarkodie indicated that for the period under review, the Bank…
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BoG posts GH¢60.81bn losses in 2022
The Bank of Ghana has posted losses totalling GH¢60.81 billion for the 2022 financial year. This compares to a profit of GH¢1.23 billion recorded in the 2021 financial year. The losses were a result of the government’s domestic debt restructuring activities, and the depreciation of the local currency, among others. The BoG’s audited financial statement…
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DDEP: Banks posted losses of GH¢ 6.6bn in 2022 – BoG
Banks in Ghana recorded after-taxes losses amounting to GH 6.6 billion in 2022, according to Dr. Ernest Addison, Govenor of the Bank of Ghana. This was largely due to negative impact of the Domestic Debt Exchange Programme (DDEP). 23 banks operating in the country participated in the exercise. Addressing the 112th Monetary Policy Committee (MPC)…