Mobile Money transactions in Ghana continued their upward trajectory with total transaction value reaching GHS 334.8 billion in December 2024. This represents a significant rise from GHS 316.4 billion in November and underscores the growing adoption of digital financial services in the country.The number of transactions also saw a substantial increase, climbing to 745 million in December from 709 million...
The Bank of Ghana (BoG) has revised its timeline for the attainment of single-digit inflation to the second quarter of 2026 due to macroeconomic headwinds.This is an extension of from the previously anticipated first quarter timeline. BoG Governor, Dr. Ernest Addison made this known during the 122nd Monetary Policy Committee press briefing on Monday, January 27, 2025. The central bank’s medium-term...
The country at end of 2024 recorded $8.98 billion in Gross International Reserves (GIR), covering four months of import cover. This nearly double the figure recorded in 2023 which stood at $5.92 billion, covering 2.7 months of import cover. The Governor and Chairman of the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG), Dr Ernest Addison, speaking at the...
Banks' average lending rates hovered around the 30% bracket during the second half of the year, after declining from 32% at the beginning of the year.According to data from the Bank of Ghana, the average lending rate stood at 30.25% in December 2024, after recording 30.07% and 30.45% in October 2024 and November 2024 respectively. The average lending rate began...
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...
