Liquidity funding across the interbank market is receiving a major boost as banks continue to adopt the Global Master Repurchase Agreement (GMRA)-based guidelines for repurchase agreements (repos), the Bank of Ghana has said. Introduced in 2019, the GMRA framework offers a low-risk option for short-term investment and liquidity funding on the financial market. It contains a key feature that...
The Bank of Ghana has disclosed that the eCedi, the Central Bank Digital Currency which it intends to issue will be free of transaction charges to consumers just as in the usage of cash. Additionally, the banking regulator said in a report released Tuesday that the eCedi was the digital equivalent of the physical cedi by design and as such...
The Bank of Ghana (BoG) has advised customers dealing with any licensed financial institution in the country to make it a habit to always ensure that they know the source of any funds they receive in their accounts. According to the Central Bank, customers are responsible for any activity that takes place on their bank accounts and are liable for any sanctions or...
The Bank of Ghana has re-emphasised that its digital currency – the eCedi will meet very high security requirements. As a result, currency issuance and distribution modules of the core eCedi infrastructure will be separated to address cyber risk. In a document revealing its design document, the Central Bank said the eCedi which is in pilot phase will also be scalable...
Some forex bureaus and banks are now selling the local currency at ¢8 to one US dollar on the retail market. This takes the depreciation of the cedi to the American ‘greenback’ to a little above 16% since the beginning of 2022. However, the local currency has lost 1.45% in value to the world’s most important currency in only three days...
The Bank of Ghana has adopted a retail token-based central bank digital currency (CBDC) as the ‘eCedi of choice’, which enables the currency to be stored locally on a card, on a phone, or a smart device and can be passed on from one user to another. The retail CBDC is digital cash that is designed to take...
The rate of depreciation of the Ghana cedi has slowed down, as the local currency went down by a little above 0.20% to the dollar the whole of last week. This will come as good news to businesses, importers and consumers who are worried about the rapid decline in the value of the local currency. The cedi has, however, lost 14.44%...
Prof Peter Quartey, the director of the Institute of Statistical, Social and Economic Research (ISSER) has attributed the recent sharp depreciation of the Ghana Cedi mainly to unnecessary speculation on the market. Bloomberg last month rated the Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Cedi to the Dollar at 8.86% between 1 January 2022 and 25 February 2022. Talking...
Analysts fear impact on economy in case of mass exit Offshore investors’ participation in the equities market as of February-ending remains at 80 percent of trading, a situation some analysts fear may have negative impacts on the local economy if there is a mass exit due to unfavourable market conditions. Following announcement of the proposed 1.75 percent levy on electronic (E-levy)...
The Ghana cedi has again suffered a worrying rate of depreciation in just a week into March this year, a Joy Business report has said. According to the portal, the rate of the cedi’s depreciation against the US Dollar doubled to 14.21 percent in the first week of March since the start of 2022. This comes after the local currency earlier recorded a...
