The Chief Executive Officer of eTranzact, John Apea has emphasised the need for Ghana’s digital currency (e-cedi) to have the capability of being used for cross-border transactions. Currently, Ghana and South Africa are also in the process of rolling out their respective digital currencies. Contributing to a panel discussion at a Ghana Academy of Arts and Science Forum, Mr. Apea said...
The Bank of Ghana wants both fiscal and monetary policies to remain vigilant and ready to take additional policy measures as well as structural reform if necessary to improve confidence about the economy. This it believes will sustain the economic recovery. The Ghanaian economy has come under severe pressure with inflation soaring and exchange rate fluctuation. This due to the Russian...
Managing Director of Fidelity Bank Ghana, Julian Opuni has asserted that the Development Bank of Ghana’s entry into the Ghanaian banking sector is a positive development for SME-focused banks. He expressed the conviction that DBG would play a strategic support role to enable these banks improve their capacity for doing business with Small and Medium-sized Enterprises (SMEs). This, he believes, would...
Regardless of the hike in inflation rate in recent months, the Bank of Ghana is optimistic prices of goods and services will come down in the coming days, weeks and months. This pledge is coming after increases in transportation fares and rising food prices pushed the rate of inflation to 27.6% in May 2022, from 23.6% in April 2022. Speaking at...
The Bank of Ghana (BoG) has purchased 3,500 ounces of gold from Newmont Ghana Gold Limited under its domestic gold purchasing programme meant to shore up its gold reserves. The mining company sold the gold to the central bank last month as part of a commitment to help make the programme a success. In an update to its Board of Directors,...
Currency outside banks grew consecutively in the first four months of this year, despite the policy rate increment in March 2022 to control inflation. According to data from the Bank of Ghana, money in circulation grew by 16.3% in April 2022, from 14.3% in March 2022, a period where money supply should have reduced to positively influence the Central Bank’s...
Inflation rate in May 2022 recorded 27.6% from the 23.6% recorded in April 2022, the Ghana Statistical Service (GS) has announced. The Government Statistician, Professor Kobina Annim, explained at a press conference in Accra on Wednesday June 8 that the rate of inflations for Transport (39.0%), Household Equipment and Maintenance (33.8%), Housing, Water, Gas and Electricity(32.3%) and Food and Non-Alcoholic Beverages (30.1.6%)...
More than nine banks will partner government to roll out the “commercial module” of the YouStart programme. According to the President of the Ghana Bankers Association, John Awuah, the banks include; GCB Bank, Access Bank, Absa Bank, Consolidated Bank Ghana (CBG), Fidelity Bank, etc. Under this module, the banks will partner government to provide support for existing youth-led businesses with between...
The Bank of Ghana has reiterated that universal banks and foreign exchange bureaux, are the only institutions licenced to trade in foreign currencies in Ghana. This move is expected to bolster the stability of the cedi. In its financial literacy on foreign exchange bureaux, the Central Bank said the “Black Market” foreign exchange operator does not have a valid license from...
The Ghana Association of Banks is optimistic lending rates will come down before the end of 2022. This is line with the Bank of Ghana’s forecast that inflation which is one of the key determinants of interest rates will dip in the next couple of months. Inflation surged to 23.6% in April 2022, forcing the Bank of Ghana to adjust its...
