Today, November 15, 2022, the Ghana Cedi is trading against the dollar at a purchasing price of 13.0744 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. Against yesterday's trading, which had a purchase price of 13.0694 and a sale price of 13.0824.
Today, November 14, 2022, the Ghana Cedi is trading against the dollar at a buying price of 13.0694 and a selling price of 13.0824, according to the Bank of Ghana's interbank exchange rates. As compared to the trading on Friday, which saw a buying price of 13.0694 and a selling price of 13.0824.
HOT: The minority group in parliament has sent a strong message to the Governor of the Bank of Ghana
In a letter released by the Minority group of Ghana parliament seeking immediate measures to help save the dollar. The Minority in Parliament has urged Ernest Kwamina Yedu Addison, Governor of the Bank of Ghana (BoG), to demonstrate his independence and credibility. In a press release dated August 19, 2022, the Minority group requested that if the Governor of the BoG is unable to do so, he "resign" immediately.
Government is optimistic that some $2 billion Afrexim facility loan is coming to stabilise the depreciating Ghana cedi. As part of the loan agreement, it's first trench of $750 million has been released to Bank of Ghana. According to government communicators, it will help stabilize the depreciating cedi and control the high inflation rate.
The Bank of Ghana (BoG) has quit giving Foreign Exchange (FX) to banks and other monetary organizations to fund the importation of rice, poultry, vegetables and earthenware production, among others. The national bank pulled out the help this month as a component of endeavors to boost the nation's economy while empowering domestic production and the utilization of local substitutes.
Something extremely strange is happening in Ghana. This cannot happen anywhere in the world. Have you ever heard a suspect financing the police to investigate him or her? If you are confused, continue reading to the end. The bank of Ghana withdrew the licenses of some banks and financial institutions in 2018.
All Ghanaian commercial banks have been ordered by the central bank to suspend lending foreign currency for the importation of non-essential products such as rice, poultry, vegetable oil, toothpicks, pasta, fruit juice, bottled water, ceramic tiles, and others. The Bank of Ghana reports that this instruction will take effect on Thursday, November 17, 2022.
Today, the Bank of Ghana has released a warning note to individuals who have refused to pay back their Mobile Money debts. According to BoG, they stated that some individuals have deliberately declined to partake in the current sim card registration exercise because of the debts they have accumulated on their sim cards.
Data consistency and credibility are essential to the image of any Central Bank and must be taken seriously. The Bank of Ghana should be entreated to redeem itself. Data on the government’s fiscal operations from the summary of macroeconomic and financial data released by your outfit on July 22, 2022, put total expenditure from January to May 2022 at 10.8% of GDP translating into GH¢54.26 billion.
Ken Ofori Atta, Finance minister An attempt by the majority of lawmakers to change elements of the Finance Committee report that led to Wednesday's approval of the $750 million loan was thwarted by the minority. The Finance Minister, Ken Ofori-Atta, reportedly told the Committee that Parliament needed to swiftly ratify the loan arrangement.
The implications of the Bank of Ghana’s Emergency MPC press release yesterday are such that moving the policy rate from 19% to 22% means the cost of borrowing for individuals and businesses has effectively gone up by 3%. Considering the current Reference Rate of 24.23% and minimum risk margin of at least 10%, the minimum rate commercial banks will be lending to most individuals and businesses will be at least 37%.
Dr. Maxwell Opoku-Afari, the Bank of Ghana's (BoG) First Deputy Governor, has credited the central bank's financial sector reforms for the robust banking sector. He claimed that the industry has since remained profitable, liquid, and well-capitalized. "The Capital Adequacy Ratio, the industry's gauge of solvency, has continued to be substantially over the increased statutory prudential ceiling of 13 percent.
The Bank of Ghana (BoG) has warned the public against doing business with the country's 19 unlicensed loan firms. The entities are operating illegally, according to a statement issued by the BOG on Monday, August 22, 2022. "The Bank of Ghana has observed that a number of unlicensed entities are providing loans to Ghanaians in violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016" (Act 930).
The Bank of Ghana(BoG) has in a last-ditch frantic measure ended nearby banks from opening of new dollar represents clients without composed express consent from the Central Bank. Banking insiders told MyNewsGh.com on severe state of secrecy that the Central Bank has given a fiat against the launch of new unfamiliar cash represents people and, surprisingly, extra record for organizations without earlier composed consent and endorsement got from the Central Bank.
According to the Institute of Economic Affairs (IEA), the government and the Bank of Ghana (BoG) must work together to address the issues causing inflation to grow. The economic think tank claims that supply and cost issues, notably those related to food, fuel, transportation, and exchange rates, played a significant role in driving the current inflation rate of 33.9% in August 2022.
The Bank of Ghana (BoG) has issued a warning to anyone who has purposefully refused to register their SIM cards as part of the ongoing National SIM Card registration exercise to avoid repayment of a Mobile Money (MoMo) loan. Defaulters who do not intend to repay their acquired loans run the risk of being refused access to future credit facilities, according to the central bank.
The NDC Caucus in Parliament has noted with dismay, a Bank of Ghana (BoG) Press Release dated July 26, 2022, which sought to respond to my statement calling out the Bank of Ghana for engaging in illegal money printing. They pointed out that the Bank of Ghana may be minded to respond to the following critical questions:
Former Deputy Finance Minister, Dr. Cassiel Ato Forson has blamed the public authority for empowering the Bank of Ghana to print a measure of GH¢22 billion without Parliamentary endorsement. As per him, the new cash notes were printed among January and June 2022. The data, as indicated by Dr Forson, is concealed on page 97 of Appendix 2a of the Mid-year spending plan under the segment on Bank of Ghana.
The Bank of Ghana (BoG) has decided to maintain the Monetary Policy Rate at 19.0%. This was after the BoG’s 107th Monetary Policy Committee meeting from July 20, 2022, to July 22, 2022. The decision to maintain the Monetary policy was based on the assessments deemed appropriate by Ghana’s Central Bank.
Dr. Cassiel Ato Forson, a former deputy finance minister, has charged that the government encouraged the Bank of Ghana to print GH22 billion without the consent of Parliament. He asserts that the new banknotes were produced between January and June 2022. According to Dr. Forson, the information is tucked away on page 97 of Appendix 2a of the mid-year budget under the Bank of Ghana part.