The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy. This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023. After
IC Research, a research firm, reports that unless the Bank of Ghana implements further monetary policy tightening, the increasing inflation will not diminish. Their forecasts from the Monetary Policy Committee indicate a slightly higher elevated profile for the upcoming year. The report suggests that if not addressed with additional policy adjustments, the upside risks in
The Minister of State-designate for the Ministry of Finance, Dr. Mohammed Amin Adam debunks claims that the appointment of a financial advisor to the Bank of Ghana by the International Monetary Fund (IMF) would interfere with the independence and regulatory work of the Central Bank. In response to a request from the Bank of Ghana,
The government and the Ghana Association of Banks have reached a conclusion over the Domestic Debt Exchange Program. The Association had earlier instructed commercial banks to hold off on approving the revised debt exchange offer until its members’ needs were satisfied. They added, this was to clear the lack of confidence surrounding how the debt
The Bank of Ghana (BoG) has warned the public to desist from receiving loans from unlicensed loan providers and thus issued a list containing the names of such entities. The BoG says the activities of these unauthorised loan providers are in contravention with the Banks and Specialised Deposit-Taking Institutions Act. The list of the unlicensed
The Bank of Ghana (BoG) supported the government to refinance ¢2.83 billion 5-year bond expected to have matured yesterday November 28, 2022. The unfavourable pricing conditions are also a major concern as the yields have been hovering around above 30%. The government’s difficult fiscal position has compelled the Central Bank to provide financial support to
Governor of the Bank of Ghana, Dr. Ernest Addison has disproved claims that BOG did not include major gold mining companies in the country on its decision, gold for oil policy. Vice President, Dr. Mahamudu Bawumia recently revealed government’s goal to use gold to buy oil on the commodity market. This act by government is
The government has directed all large-scale mining companies to sell 20% of all refined gold to the Bank of Ghana. All Community Mining Schemes are also expected to sell their gold outputs to the government. The government has also ordered small-scale miners to sell their gold to the state-owned Precious Minerals Marketing Company. The directive will be effective Jan. 1, 2023, the Minister for Lands and
Ghana’s Micro, small and medium enterprises (MSMEs) sector is set to see a major boost as the Monetary Authority of Singapore (MAS), Bank of Ghana (BOG) and Development Bank Ghana (DBG) have signed a Memorandum of Understanding (MOU) to develop the Ghana Integrated Financial Ecosystem (GIFE). The Ecosystem aims to enhance financial capabilities and access
The Ghana cedi has returned to a depreciation trajectory after ending last week with a marginal appreciation. The cedi opened this morning November 7, 2022, going for ¢13.95 to one US dollar in the retail or forex market. However, it has since declined in value to ¢14.20 to one American ‘greenback’, the average quote by
