The Governor of the Bank of Ghana, Dr Ernest Addison has insisted that the central bank does not need a positive equity to be able to effectively play its role as the lender of last resort. The decision of the central bank to take a 50 per cent hair cut during the Domestic Debt Exchange […]
The first tranche of $600 million out of the $3billion IMF programme will hit the accounts of the Bank of Ghana tomorrow, May 19, 2023, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison has confirmed. The Governor noted that the money would boost the country’s reserves and the Cedi which is already […]
The Bank of Ghana, Ghana Cocoa Board (COCOBOD) and the commercial banks have agreed to allow banks to use COCOBOD’s deposits/placements at the banks to cater for retail customers who may not want a rollover of their cocoa bills. This is coming after the BoG initially directed banks not to pay customers their maturing cocoa […]
Since the introduction of mobile money (MOMO) loans by the telecommunication companies (telecos), some of their customers have taken undue advantage of the opportunity. While some have taken the loans to either start or recapitalise their businesses, others have accessed the funds and misused it, hence their inability to pay. To prevent the telcos from […]
The Bank of Ghana (BoG) has included the Students Loan Trust Fund (SLTF) in the Credit Reporting System (CRS). This means that details of students who borrow from the trust will be included in the credit reference bureau to keep their credit behaviour profile. The measure is to boost the recovery efforts of the SLTF […]
Governor of the Bank of Ghana (BoG), Dr Ernest Addison maintains that Ghana’s public debt stock, which has risen to GH¢200 billion by May 2019, representing 58.1% of GDP, is sustainable. However, he fears the large foreign investor component makes the economy vulnerable. Consequently, he called for a shift in the conversation around the country’s […]
Provisional data being scrutinised by the Bank of Ghana (BoG) indicates that the revocation of licences of 386 microfinance and microcredit companies will save nearly 1.2 million depositors. The BoG revoked the licences of 347 insolvent microfinance and 39 insolvent microcredit companies, saying the institutions continue to pose risk to the entire financial system. According […]
Former 2nd deputy Governor of the Bank of Ghana, Dr. Johnson Asiama has narrated how he was called by the Finance Minister, Ken Ofori Atta and asked to resign so that the president could appoint his own person to fill the position. According to him, his departure from the Central Bank had nothing to do […]
Ex-staff of some banks whose licenses were withdrawn by the Bank of Ghana will be considered for payment in place of the Central Bank “on humanitarian grounds,” the regulator has said. Elsie Addo Awadzi, Deputy BoG Governor said the Central Bank is prepared to waive its second position for the sake of the workers of defunct UT and Capital Banks so that they get some benefits […]
By: Maxwell Akalaare Adombila The Bank of Ghana (BoG) will, this week, announce the list of banks that have successfully raised their minimum capitals to GH₵400 million in compliance with its earlier directive, which elapsed on December 31, 2018. Ahead of the official announcement, Graphic Online is making the following informed predictions based on reliable […]
Economist Professor John Gatsi has attributed the recent upsurge in the number of victims of failed investment and financial institutions to ineffective investment warning notices and weak financial literacy. He has also admonished the public to refrain from labeling victims of ponzy schemes such as DKM and Menzgold as criminals and greedy people. According to […]
The Majority Leader and Minister for Parliamentary Affairs, Osei Kyei Mensah Bonsu has disclosed that the erstwhile National Democratic Congress (NDC) administration gave Ghana’s sovereign bond proceeds to a private Bank to manage. Falling short of mentioning the name of the bank, the ruling New Patriotic Party Member of Parliament for Suame Constituency in the […]
