The Bank of Ghana (BoG) has pledged its commitment to the speedy implementation of the African Continental Free Trade Agreement. According to the Central Bank, the Russia-Ukraine conflict has had a major impact on the smooth take-off of the Agreement thereby impeding trade facilitation among member countries. Speaking at the opening of the West African Institute of Economic Management (WAIFEM) in...
The Governor of the Bank of Ghana, Dr. Ernest Addison, has been named among Africa’s 10 best Central Bank Governors by Global Finance Magazine. It adjudged Dr. Addison in its Central Banker Report for 2022 as the 10th best Governor on the African Continent. The institution in its Central Banker Report for 2022, adjudged Dr. Ernest Addison as the 10th best Governor on...
Standard Bank is projecting a further 2% to 3% increase in the policy rate of the Bank of Ghana by December 2022. This will increase the cost of borrowing further, but will help narrow the negative real return between inflation and interest rates. Presently, interest rates are hovering around 33% but lower than the inflation rate of 37.2% (October 2022). However,...
The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap serious restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA). According to reports, BoG is reportedly doing this in a bid to curb the rapid depreciation of the cedi. However, in a statement released on the social...
Board of Directors of banks and financial institutions in the country have been advised to dedicate at least two of their board meetings to issues relating to cyber security. In the wake of increasing cyber security threats across the globe the Director at the Information Security Office at the Bank of Ghana, Samuel Senyo Okine, urged the board of directors...
The Bank of Ghana (BoG), on Tuesday, 25th October 2022, met with stakeholders within the foreign exchange market, including the Managing Directors of the universal banks in the country and the Association of Forex Bureau Operators to deliberate on measures to streamline, sanitise and provide clarity on the supply of forex in the country. In his opening remarks, the Governor of...
THE ARB Apex Bank has expressed worry about the impact of locked-up funds from the financial sector clean-up on the operations of rural and community banks in the country. It regretted that although a lot of work has gone into pursuing the repayment of the locked-up funds, the moves to get the monies have not been successful, a phenomenon which...
The Bank of Ghana (BoG) has reaffirmed its commitment toward small businesses, particularly those owned and led by women – noting the critical role they play in economic development. Second Deputy-Governor Elsie Addo Awadzi has said the bank is acutely aware of this segment’s contribution to the economy and the importance of technology in facilitating its growth, leading the BoG...
The Bank of Ghana has revoked the licences of two forex bureaus operating in Accra for several breaches of the Forex Bureau Act. The two companies – Trade House Forex Bureau Ltd. and Aiport City Forex Bureau Ltd. – which are under the same ownership, according to Head of Other Financial Institutions Supervision Department at the Bank of Ghana, Yaw...
With stiff application and access procedures for donor funds by banks to agribusinesses, the financial sector has been indirectly derailing growth of the agricultural sector, Chairperson of the Agribusiness Association of Ghana Industries, Fatima Alimohamed, has said. Speaking on the plenary at the 11th Ghana Economic Forum in Accra, on the topic ‘Ensuring food sustainability and security: an analytical overview of...
