President John Mahama has urged the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama and his First Deputy Governor to uphold and protect the independence of the bank. Speaking at Jubilee House on Tuesday, February 25, shortly after swearing them into office, he emphasised that as part of efforts to strengthen the economy, […]
President John Maham has nominated the Head of Financial Markets at the Bank of Ghana (BoG) Dr Zakari Mumuni as First Deputy Governor of the Bank of Ghana. JoyBusiness understands that the decision was taken last Friday, February 21. Dr Mumuni is a distinguished central banker and researcher known for his contributions to monetary policy […]
The Bank of Ghana (BoG) has announced an audit of remittance transactions covering the period from October 1, 2024, to December 31, 2024, as part of efforts to strengthen the country’s financial regulatory framework. According to a notice to the public signed by the Secretary of the central bank, Sandra Thompson on February 19, the […]
The government of Ghana has rejected GH₵2.9 billion in Treasury bill bids following a highly oversubscribed auction, as investors flooded the market with offers totaling GH₵10.6 billion. The Treasury had set a target of GH₵7.3 billion but ended up accepting GH₵7.7 billion, slightly above its goal. The move to reject a significant portion of the […]
The Institute for Liberty and Policy Innovation (ILAPI) has revealed that the Bank of Ghana (BoG) currently holds a substantial sum in three currencies- Cedis, British Pounds, and US Dollars, all from dormant accounts in financial institutions across the country between 2016 and 2023. In Ghanaian cedis, more than GH₵167.8 million is held by BoG. Additionally, the bank has […]
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 […]
