The Bank of Ghana injected about US$2.8 billion into the foreign exchange market between August 2024 and December 2024. It subsequently auctioned US$480 million to the Bulk Oil Distributors on the back of foreign exchange inflows from multilateral partners. However, the forex market started witnessing stability in October, reversing some losses incurred in the first eight months of 2024. As a result,...
Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, highlighted the significance of the central bank’s internationally acclaimed banking sector cleanup.In an interview on PM Express Business Edition on Joy News on January 2, he stated that the recognition BoG received for its decisive actions was a testament to the importance of the reforms and urged Ghanaians to value...
Banks in Ghana and Nigeria will continue to shift from traditional banking operations to digital banking services in 2025 and beyond.According to Deloitte West Africa, mobile banking, online platforms, and digital payment solutions will dominate the sector, driven by the high adoption of mobile devices and internet penetration. In its Sneak Preview of 2025 report, the professional services firm said traditional banks will increasingly...
Republic Bank Ghana PLC has signed a memorandum of understanding with the Liberian Bank for Development and Investment.The move according to the bank is to provide technical assistance on mortgage schemes amongst others to its Liberian counterpart. Speaking to Joy Business, Managing Director, Benjamin Dzoboku said the agreement was necessary to providing technical support to the staff of the Liberian...
The Ghana cedi is projected to close the year around GH¢17.70 to one US dollar in 2025, with a deviation of ± GHp20, Databank Research has revealed. Its expectation is supported by the likely strengthen of gold reserves and the upgrade of the Ghanaian economy which is expected to boost market sentiments. “We expect a successful 2024 elections to bring renewed...
The government is expected to borrow approximately GH₵200 billion from the Treasury bill market in 2025, representing a reduction from an estimated GH₵220 billion in 2024, according to Databank Research. This projection reflects an average weekly borrowing of GH₵3.9 billion, down from GH₵4.2 billion in the previous year. In its 2025 Ghana Market Outlook report, Databank Research attributes the decline in...
Governor of the Bank of Ghana (BoG), Dr Ernest Yedu Addison, has shed light on the incomplete cleanup of the financial sector, particularly focusing on the Savings and Loans (S&L) subsector. In an interview on PM Express Business Edition on Joy News on January 2, he acknowledged that while significant progress had been made, a lack of resources had stalled the revocation...
The Governor of the Bank of Ghana (BoG) opened up about the tumultuous banking sector crisis that unfolded in 2017 and the decisive actions that reshaped Ghana’s financial landscape.With a firm stance in a revealing interview on Joy News’ PM Express Business Edition on January 2, Dr Ernest Yedu Addison, justified the revocation of banking licenses as a critical move to...
The Bank of Ghana has issued the Large Exposures Directive for Banks, Savings and Loans, Finance Houses and Financial Holding Companies. The objectives of the directive are to limit the maximum loss that Regulated Financial Institutions (RFIs) can incur in the event of the sudden failure of a counterparty or a group of connected counterparties to a level that does...
The Governor of Bank of Ghana, Dr Ernest Addison, has debunked claims of government interference in the Bank’s operations in the last eight years.According to him, the calls for a reform to a more independent Bank of Ghana is a non-starter. He therefore pointed out the Central Bank has been operating independently in the last eight years. Speaking to George Wiafe...
