Articles

Keep calm, cedi will stabilise soon – Addison

Governor of the Bank of Ghana, Dr. Ernest Addison, has calmed nerves over the current rapid depreciation of the cedi, saying, the bank is implementing interventions that will stabilise the local currency against its major trading currencies in the shortest possible time. His comments come on the back of concerns over the cedi’s sharp loss of value within...

Bank of Ghana’s March 2022 Monetary Policy Committee briefing [Full text]

The Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 17 percent. This is the first time the Central Bank has increased the key rate since November 2021. In his address to the media on Monday, March 21, 2022, Governor of the Central Bank, Dr. Ernest Addison, noted that all is being done to check...

Interbank liquidity funding enhanced with newly-adopted repurchase framework – BoG

Liquidity funding across the interbank market is receiving a major boost as banks continue to adopt the Global Master Repurchase Agreement (GMRA)-based guidelines for repurchase agreements (repos), the Bank of Ghana has said. Introduced in 2019, the GMRA framework offers a low-risk option for short-term investment and liquidity funding on the financial market. It contains a key feature that...

Ensure the Source of funds received in your account is legitimate, BoG urges customers

The Bank of Ghana (BoG) has advised customers dealing with any licensed financial institution in the country to make it a habit to always ensure that they know the source of any funds they receive in their accounts. According to the Central Bank, customers are responsible for any activity that takes place on their bank accounts and are liable for any sanctions or...

eCedi will meet very high security requirements – BoG

The Bank of Ghana has re-emphasised that its digital currency – the eCedi will meet very high security requirements. As a result, currency issuance and distribution modules of the core eCedi infrastructure will be separated to address cyber risk. In a document revealing its design document, the Central Bank said the eCedi which is in pilot phase will also be scalable...

Cedi depreciation: some forex bureaus, banks now sell a dollar at ¢8

Some forex bureaus and banks are now selling the local currency at ¢8 to one US dollar on the retail market. This takes the depreciation of the cedi to the American ‘greenback’ to a little above 16% since the beginning of 2022. However, the local currency has lost 1.45% in value to the world’s most important currency in only three days...

ISSER: Unnecessary speculation affects performance of Ghana Cedi

Prof Peter Quartey, the director of the Institute of Statistical, Social and Economic Research (ISSER) has attributed the recent sharp depreciation of the Ghana Cedi mainly to unnecessary speculation on the market. Bloomberg last month rated the Cedi as the worst-performing currency among Africa’s top currencies. It pegged the depreciation of the Cedi to the Dollar at 8.86% between 1 January 2022 and 25 February 2022. Talking...