Vice President Dr Mahamudu Bawumia says it is time African governments embrace digital currency (bitcoin) to facilitate trade and enhance other productive sectors of their economies. He, therefore, lauded the Bank of Ghana’s decision to pilot digital currency later this year towards its nationwide roll-out in the near future, saying that it would give it the needed credibility and legal...
The Bank of Ghana’s Monetary Policy Committee (MPC) has maintained the policy rate at 13.5 percent. The Committee said this is because its assessment showed that the risks to inflation and growth were broadly balanced. The committee announced this in a press statement on Monday, 26 July 2021. The next MPC meeting is scheduled for September 22 - 24, 2021. The meeting will...
The business community in Ghana is not enthused about the decision of the Bank of Ghana (BoG) to keep the policy rate at 13.5 per cent. The central bank’s Monetary Policy Committee (MPC) maintained the policy rate at 13.5 per cent at its meeting on Monday, 26 July 2021. The committee said this is because its assessment showed that the risks...
President Akufo Addo has re-appointed First Deputy Governor of the Bank of Ghana, Dr. Maxwell Opoku-Afari for a second term. He is expected to serve for the next four years. His first term is expected to expire on 7th August, 2021 Dr. Opoku-Afari has been instrumental in supporting the governor, Dr. Ernest Addison on some monetary reforms undertaken at the Central...
The Ghana Co-operators Susu Collectors Association has urged the Bank of Ghana to quickly check the many unlicensed ‘susu’ operators that could pose risk to the financial system. This is coming few years after the completion of the financial sector clean-up. Speaking at 13th Annual General Meeting of Ghana Co-operative Susu Collectors Association, President of the association, Patrick Arthur Okyere, cautioned...
The Ghana cedi has so far this year lost a paltry 0.6% to the US dollar, data from the Bank of Ghana indicate. The Ghanaian local currency has shown impressive run since the beginning of the year until now. But the repatriation of dividend by some multinationals, beginning June has put some pressure on the cedi. This has increase demand for...
Some eleven of the 23 universal banks operating in Ghana, have been given the green light by the Bank of Ghana to pay dividends to their shareholders for the 2020 financial year. The central bank put a moratorium on the payment of dividends by the banks following the devastating impact the COVID-19 pandemic had on the economy since mid-March 2020. The...
Cost of loans continue to fall but marginally, as average lending rate stood at 20.61% per annum in June this year. This is equivalent to 1.72% interest on loans per month. However, the average lending rate varies among the banks and the respective sectors. For instance, some banks will offer loans as low as 17% per annum, whilst others charge rates as...
The Bank of Ghana has stated that it is not in a rush to withdraw the raft of measures it introduced last year at the onset of the pandemic, as economic recovery remains fragile. Speaking at a financial literacy programme for journalists over the weekend, Dr. Maxwell Opoku-Afari, the first deputy governor of the bank, said the central bank was...
The Bank of Ghana (BoG) has given firm assurance that it will use all tools at its disposal to guard against the undue volatility of the Cedi. This is coming at a time the local currency has come under what can be described as sustained pressure over the past three weeks. The Central Bank noted that it’s unaware of these developments on the interbank...
