The Bank of Ghana (BoG) has so far purchased 280 kilogrammes of gold under its Domestic Gold Purchase programme to help shore up the country’s foreign exchange reserves. The quantity so far purchased represent more than half of the 540 kilogrammes, the BoG projected to buy this year. The BoG in June this year launched the Domestic Gold Purchase programme to...
The Ghana cedi slipped one place to the 9th position out of 15th top African currencies. According to Joy Business tracking of the performance of African currencies so far this year, the local currency has not fared badly at all. In August, the cedi was ranked 8th among Africa’s top currencies with a depreciation of 1.30% to the US dollar. This was after...
The Bank of Ghana registered a profit of ¢1.57 billion last year, its 2020 Annual Report has revealed. This is compared to the ¢1.80 billion recorded in 2019. The directors of the Central Bank however did not recommend dividend to be paid to the shareholder (government). In 2019, it also did not pay dividend. The report said “the directors have assessed the...
others to come on board as 2022 targetted for full operationalisation The Security Information and Events Management (SIEM) system and Security Operation Centre (SOC) of the Agricultural Development Bank (ADB) have been earmarked for the trial phase of the Bank of Ghana’s (BoG) impending Financial Industry Command Security Operation Centre (FICSOC), which will boost monitoring of cyber vulnerabilities. This was disclosed...
Governor of the Bank of Ghana, Dr. Ernest Yedu Addison, has said that the main reason for high lending rates in the country is largely due to government’s huge borrowing from the domestic debt market to support the budget; hence, any hope of affordable lending will depend on fiscal consolidation. Dr. Addison’s comment comes on the back of concerns raised...
The GH¢1 and GH¢2 notes will soon be phased out of the Ghanaian economy. This was made known by the Governor of the Central Bank, Dr, Ernest Addison on Monday, September 27, 2021. Dr. Addison said the two notes which are usually not in good shape will be replaced by their respective coins. 2 cedi coin1 cedi coin “The GH¢1 note and GH¢2...
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison, has said that measures have been put in place by the central bank to ensure safer cyber space in the financial sector of the local economy. He explained that the more financial institutions resort to the use of technology, the more likely they are to be exposed to cyber frauds hence,...
The profit before tax (PBT) of the banking industry shot up by 27.4% to ¢4.9 billion in the first eight months of this year, signaling a recovery in economic activity. According to the Bank of Ghana, this is higher than the growth of 19.2% registered a year ago. Over the same comparative period, net interest income grew by 17.9% to ¢8.3...
Latest stress tests conducted on the banking sector by the Bank of Ghana show that banks remained resilient under mild to moderate stress conditions supported by the strong capital and liquidity buffers and the regulatory reliefs introduced during the Covid-19 pandemic. In addition, results from the latest Credit Conditions Survey point to a potential increase in demand for credit over...
The Bank of Ghana spent ¢337.5 million last year in printing currency notes, its 2020 Annual Report has revealed. This is compared with ¢306.2 million the previous year. According to the report, the Central Bank also spent ¢7.9 million in 2020 on other currency management operations, as against ¢3.9 million in 2019. This put the total currency issue expense in 2020 at...
