Ghanaians have been lamenting and blaming the worst performance of the Ghana cedi to a bad governance by the ruling party (NPP). With many Ghanaians comparing the current situation to the hardship of the 1983 famine which brought severe consequences to the nation. With others defending the ruling government especially those within the government inner circle blaming the the hardship on post covid management and the Russia - Ukraine war at the backyard of Europe.
Government and the Bank of Ghana are collaborating, according to vice president Dr. Mahamudu Bawumia, to stabilize the cedi and restrain inflation. According to Dr. Bawumia, the Central Bank has started implementing a series of strategies to combat the inflation rate, which is currently 33.9 percent.
In compliance with Article 82 of the 1992 Constitution of Ghana, the NDC Caucus in Parliament has successfully filed a motion for his immediate removal. It's glad to hear there’s a positive indication some of our NPP colleagues will support us. This must be a national, non-partisan, patriotic agenda to save our country from the Akufo-Addo/Bawumia/Ofori-Atta mess which now poses a national security threat.
The Bank of Ghana says it has not authorized - given license to anybody – individual or entity to operate any money doubling scheme in the country and urging the public to be alert, to avoid being swindled. The Central Bank in a statement, made specific reference to a money doubling scheme that goes by the false name “worldremit” and labeled it as a scam – fraudulent.
Citinewsroom reports that the Bank of Ghana has cautioned the public to desist from engaging the services of some 19 unlicensed entities engaged in the provision of loans to consumers. According to the Central Bank, the operations of the institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.
The Bank of Ghana (BoG) has affirmed the end of the arrangement of two staff who introduced counterfeit authentications to get work at the Central Bank. Albeit the Central Bank didn't reveal their names, it said in an assertion gave on Tuesday, January 18, 2022, that it had not excused 90% of new individuals from staff as being conjectured via web-based media.
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.
The Central Bank Governor, Godwin Emiefele has warned that the apex bank would stop the usage of old Naira notes from 31st January, 2023. This is coming at a time when the apex bank noted conspicuously, the challenges bedeviling the country's currency. In a statement obtained by Vanguard, Emefiele stated that the 'currency management has faced several daunting challenges that have continued to grow in scale and sophistication with attendant and unintended consequences for the integrity of both the CBN and the country'.
Sincerely, if I were in Dr. Bawumia’s situation, I would be doing a lot of sober and solemn reflections. Nana took an innocent technocrat from our Central Bank and transmogrified him into one of the most talking politicians Ghana has ever seen. He is used him to do all the dirty jobs there are to do in politics.
The Bank of Ghana has announced three measures in addressing the immediate financing problems of Ghana. This was after the Monetary Policy Committee of the BoG held an emergency meeting on August 17, 2022. First, the Central Bank says it has increased the Monetary policy rate by 33 basis points following a decision to keep it at 19.0% after the MPC’s 107th meeting in July.
Ghana’s total public debt stock has increased once again, according to new data released by the Bank of Ghana. The debt stock, which ended 2020 at GHS291.6 billion, saw about GHS13 billion added in the first quarter of 2021. This represents an increase of about 4 percent, and brings Ghana’s total public debt as of the end of March 2021 to GHS 304.6 billion.
The Bank of Ghana (BoG) has indicated that the amount of GHC22.04 billion captured under BoG as financing in the 2022 Mid-Year budget does not refer to printed cedi notes. The Central bank notes that the amount represents net claims on the Government, and not new currency printed to support the Government’s budget.
Why BOG Responded To Allegation By Minority On Printing Of Notes;Were They Able To Shred The Issues?
The Minority in Parliament have vehemently raised concerns about an illegal printing of GHS 22 billion currency claims. It is not known how Dr. Casiel Ato Forson concluded on such allegations but the energy by which he makes the accusations raises more concerns and largely affects the goodwill of the central bank.
The Central Bank Governor must demonstrate his independence and trustworthiness, or the Minority in Parliament will call for his immediate resignation. The minority claims that the Akufo-Addo-led administration has named Dr. Ernest Yedu Addison as a minister. This follows the emergency Monetary Policy Committee (MPC) meeting last Wednesday, which saw a 300 basis point hike in the policy rate.
Kindly click on the +follow button to at the top right corner to get daily updates on regular basis. Please I will appreciate it if you can like, share this update or drop your thoughts in the comment section below on the topic. Many consultants have expressed worry about the rising costs of goods and services in the country presently.
The Private Enterprise Federation has slammed the Bank of Ghana's Inflation Targeting Frameworks, claiming that they have failed to keep inflation under control as planned. According to Nana Osei Bonsu, the company's Chief Executive, the strategy or practice of boosting the policy rate whenever inflation rises has not been beneficial.
The Court of Appeal has alluded Dr Papa Kwesi Nduom to Ghana Arbitration Center for change, following the renouncement of his permit during the monetary area tidy up work out. The court took the choice on Thursday, June 2, 2022, after the Central Bank had documented an application that Dr Nduom alludes the case to the intervention.
The Bank of Ghana says it has taken note of the impending launch of a new cryptocurrency investment scheme known as “Sidicoin”. According to the Central Bank, the said cryptocurrency investment scheme has not obtained the requisite approval to operate in the banking and payment services sector.
Policy rates are normally used by the Central Bank to perform expansion of monetary policy. They are interest rates used to curb inflation , consumer prices, exchange rate or credit expansion, among others). The policy interest rate determines the levels of the rest of the interest rates in the economy, since it is the price at which private agents-mostly private banks-obtain money from the central bank.
The Bank of Ghana (BoG) has issued a public warning regarding the planned launch of "SIDICOIN," a cryptocurrency investment program in Ghana. According to a statement from the Central Bank, neither the cryptocurrency investment program nor its proponents have received permission to operate in the banking and payment services sector from the Bank of Ghana.