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Tag: BoG

  • Afenyo-Markin pays visit to ex-BoG Governor after raid at his residence

    Afenyo-Markin pays visit to ex-BoG Governor after raid at his residence

    Minority Leader Alexander Afenyo-Markin has visited former Bank of Ghana (BoG) Governor, Dr. Ernest Addison, following a controversial raid on his residence by National Security operatives.

    The early morning operation, which took place on Wednesday, March 19, at Roman Ridge, reportedly saw a team of heavily armed men storming Dr. Addison’s home while he was present.

    Sources indicate that around 5 a.m., about 15 soldiers arrived in three separate vehicles, forcefully entered the premises, and disabled the CCTV system before demanding access to alleged “vaults” within the house.

    Dr. Addison, however, firmly denied having any hidden vaults or cash on his property. Despite his denial, the operatives ransacked his home, leaving it in disarray. When their search proved fruitless, they called in National Security drivers to remove four of his vehicles, leaving only two behind. Before leaving, they also confiscated the CCTV monitor and control unit.

    Later in the evening, the family was reportedly instructed to retrieve the seized vehicles, which had been parked opposite Jokers Club in Labadi. The incident has left Dr. Addison and his family shaken, sparking widespread concern and condemnation.

    The operation is said to have been led by Richard Jakpa, Director of Special Operations at the National Security Secretariat. His involvement has further fueled discussions on the legality and intent of such operations.

    This development comes just weeks after a similar raid on the residence of former Finance Minister Ken Ofori-Atta on February 11, 2025. In that case, a group of 12 individuals, including nine military personnel and plainclothes officers, allegedly entered Mr. Ofori-Atta’s home without prior notice or a warrant while he was out of the country for medical treatment. He later described the incident as deeply distressing for his household staff and damaging to his reputation.

    With concerns growing over these high-profile raids, Afenyo-Markin’s visit underscores the political and legal implications of such operations. Many are now calling for further investigations into the motives behind these actions and the extent of National Security’s authority in conducting such operations.

    https://twitter.com/AfenyoMarkin/status/1902495494745595929

  • Finance Minister rules out taxpayer-funded bailout for BoG

    Finance Minister rules out taxpayer-funded bailout for BoG

    Finance Minister Dr. Cassiel Ato Forson has ruled out any government intervention to recapitalise the Bank of Ghana (BoG), stating that taxpayers cannot bear the burden of a ¢53 billion bailout.

    Following the presentation of the 2025 Budget Statement to Parliament on Tuesday, Dr. Forson addressed the central bank’s financial struggles in an interview on Joy News.

    He highlighted that under the previous administration led by Ernest Addison, an MoU had been signed for the government to inject ¢53 billion into the BoG.

    However, he made it clear that the institution must find internal solutions instead of relying on public funds.

    “I’ve asked the Bank of Ghana to look within, cut expenditure, because the taxpayer cannot afford ¢53 billion,” he said. “First of all, they have to look within. You know, you’ve seen their new Head Office, a very big building. They have a choice—a choice to sell and lease back if they want.”

    “They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion. Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals. Is that what we want? Can we afford it? At this stage, the answer is no. We cannot afford that. And so the central bank must look within,” he asserted.

    Dr. Forson suggested that the BoG explore alternative revenue sources, including the sale of non-essential assets such as hotels and guest houses, to generate funds for recapitalisation.

    He questioned why the central bank was still engaged in such businesses when it faced significant financial challenges.

    “If the central bank is able to come to me with a reasonable offer, we can have a conversation. But it must start from them. I have also said that they may have to consider winding back their profit over the next 10 years to recapitalise. That can also be an option,” he added.

    He also proposed a long-term recovery plan, indicating that the BoG could reinvest its profits over the next decade to strengthen its financial position.

    Meanwhile, the Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has pledged to restore the financial strength of the central bank.

    He assured that the Board of Directors will work hard to restore confidence and the integrity of the bank.

    While Mr Forson remains open to discussions on a sustainable recapitalisation strategy, he insists that the initiative must first come from the central bank.

  • ECG, COCOBOD and BoG drowning in debt – Ato Forson

    ECG, COCOBOD and BoG drowning in debt – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is currently facing a negative equity of GHS55 billion, a financial burden inherited from the previous administration.

    He stressed the urgency of government intervention to restore stability to the central bank’s finances.

    Speaking on Channel One TV on Wednesday, March 12, Dr. Forson explained that the BoG’s financial position remains deeply in deficit.

    “The Bank of Ghana has a negative equity as we speak under the previous administration. They have a negative equity of GHS55 billion, and so their balance sheet is such that they will need the government to bail them out with some money so that they will be able to move from a negative equity to a positive equity,” he stated.

    Dr. Forson also highlighted the significant debts owed by key government agencies, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).

    He revealed that the Road Fund has accumulated a debt of GHS5.5 billion, COCOBOD owes GHS32 billion, while ECG’s outstanding payments to suppliers amount to GHS68 billion, in addition to a $1.73 billion debt to Independent Power Producers (IPPs).

    “Road Fund owing about GHS5.5 billion, then you have the likes of GETFund, DACF they have their own debt. Then COCOBOD, ECG. COCOBOD owes GHS32 billion, ECG owes GHS68 billion. They owe contractors who have done work,” he stated

    He further pointed out that ECG’s financial struggles stem from its inability to fully remit collected revenue.

    Dr. Forson warned that if these mounting debts—particularly in the energy sector are not urgently addressed, they could have severe consequences on the country’s financial stability.

    “ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GHS1.5 billion, keeps GHS500 million, and pays only GHS1 billion.

    “As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GHS68 billion,” stated Dr. Forson.

  • Court remands painter accused of stealing BoG’s electrical cables worth over GHc1,000,000

    Court remands painter accused of stealing BoG’s electrical cables worth over GHc1,000,000

    A painter working on the Bank of Ghana building at Ridge, Accra, has been remanded into police custody for allegedly stealing large quantities of assorted copper cables valued at GH¢1,035,500.

    Ahmed Mohammed Lawal was arrested after a review of CCTV footage reportedly captured him and two accomplices—who are currently at large—removing the cables from the site. He appeared before an Accra Circuit Court, where he pleaded not guilty to charges of unlawful entry and stealing.

    The court, presided over by Mrs. Sedinam Awo Kwadam, adjourned the case to March 19, 2025, while police continue efforts to apprehend Lawal’s accomplices.

    Prosecuting the case, Assistant Superintendent of Police (ASP) Augustin Kingsley Oppong told the court that the complainants, Samuel Nii Tettey and Davidson Mensah Otinkorang, are a safety officer and an electrical engineer, respectively, working on the new Bank of Ghana building, which is still under construction.

    According to ASP Oppong, on February 16, 2025, the complainants discovered that someone had broken into the Energy Farm—a section of the construction site—and stolen bundles of LC x 240 square and LC x 300 square copper cables, all valued at over GH¢1 million.

    This prompted a review of the site’s CCTV footage, which allegedly revealed Lawal and his accomplices cutting and removing the cables. Following this discovery, the accused was apprehended and handed over to the police.

    Investigations later uncovered that the suspects had gained access to the secured area by using a scaffold. “The accused person and his accomplices cut the copper cables with a sharp object and took them (the cables) away,” ASP Oppong told the court.

    Further inquiries revealed that the stolen cables were sold to an individual at Kwame Nkrumah Circle, with Lawal receiving GH¢2,000 as his share of the proceeds. However, he was unable to assist the police in locating his accomplices or the individual who purchased the stolen materials.

    Prosecution assured the court that investigations were still ongoing.

  • Discussions on new headquarters were had in 2011, 2016 – BoG Governor

    Discussions on new headquarters were had in 2011, 2016 – BoG Governor

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that conversations about the need for a new headquarters for the central bank date back to 2011, long before its construction began.

    Appearing before Parliament to address concerns surrounding the project, Dr. Asiama explained that the BoG’s board at the time had initiated discussions on acquiring land for a new facility. However, they were unable to agree on a suitable location before their tenure ended.

    “The discussions around a new headquarters for the Bank of Ghana date back to 2011 when the board at the time considered acquiring land for the project. However, the board at the time could not settle on a specific location until its tenure ended,” he stated.

    He further revealed that the issue resurfaced in 2016 during his tenure as Deputy Governor, yet once again, a final decision on the location was not reached.

    “Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered, however, we could not settle on a specific location,” he noted.

    According to Dr. Asiama, it was not until 2019, under a new board, that a structural integrity audit was carried out on the existing headquarters, which had been in use since the late 1950s. The assessment revealed severe structural defects, making the facility unfit for purpose.

    “In 2019, under a new board of the Bank of Ghana, a structural integrity audit was conducted, and this showed that the existing headquarters, which was built in the late 1950s, had developed significant structural defects and was no longer fit for purpose,” he stated.

    The BoG’s new 21-story headquarters, located in Ridge, is set for completion in September 2024. The facility was officially inaugurated as part of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

    At the inauguration, Akufo-Addo underscored the importance of the new building in strengthening Ghana’s financial system and aligning it with global banking standards.

  • Procurement processes for new headquarters received PPA approval – BoG Governor

    Procurement processes for new headquarters received PPA approval – BoG Governor

    The Bank of Ghana (BoG) has assured that all procurement processes for its new headquarters were conducted in compliance with regulations and received approval from the Public Procurement Authority (PPA).

    Stephen Yankyera Amoh, a technical member of the team that accompanied BoG Governor Dr. Johnson Asiama to Parliament, made this clarification while addressing lawmakers regarding the project.

    “Mr Speaker, procurement approvals were sought for all the processes. One was the PPA approval to use the restricted tendering for the selected contractors who were perceived to be suited to build such an edifice,” he explained.

    His statement aimed to dispel concerns over the transparency of the project’s procurement procedures. The construction of the new headquarters has been a subject of public debate, with critics questioning its cost and necessity.

    Amoh emphasized that the selection of contractors followed due process to ensure the project adhered to the required standards and value-for-money principles.

    The BoG’s new 21-story headquarters, located in Ridge, is expected to be completed in September 2024. It was officially inaugurated as part of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

    During the inauguration, Akufo-Addo underscored the significance of the facility in enhancing Ghana’s financial infrastructure and ensuring the central bank operates at a level that meets international standards.

  • Your role is not to serve political interests – Afenyo-Markin to BoG Governor

    Your role is not to serve political interests – Afenyo-Markin to BoG Governor

    The Minority Leader, Alexander Afenyo-Markin, has cautioned Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, to avoid political entanglements and uphold the independence of his office.

    Addressing Parliament on Wednesday, March 5, during Dr. Asiama’s appearance to discuss concerns over the cost of the BoG’s new headquarters, Afenyo-Markin warned against selective scrutiny of the central bank’s actions, stressing the need for balanced oversight.

    “I recall that in the 2015 State of the Nation Address, Mr. President [John Dramani Mahama] raised concerns about poor supervision of the banking sector by the Bank of Ghana. The governor today was the deputy governor then. Are we now picking and choosing which matters we want the governor to brief us on?” he questioned.

    “Mr. Governor, don’t make yourself a tool for political football. The role of the governor of the central bank is critical to the economy of this country. I do not want to politicise the office of the governor, and I urge others to do the same,” he added.

    Afenyo-Markin further advised the Majority in Parliament to handle economic discussions carefully, stressing that their approach could have far-reaching effects on Ghana’s financial stability.

    His statement came amid heated debates over the BoG’s new headquarters, with the Minority disputing the session’s legitimacy over procedural concerns, while the Majority insisted that due process had been observed.

  • BoG Governor Asiama confirms operating from new headquarters

    BoG Governor Asiama confirms operating from new headquarters

    Governor of the Bank of Ghana, Dr. Johnson Asiama, has confirmed that he is currently operating from the central bank’s newly constructed headquarters. He made this revelation while addressing Parliament on the status of the project.

    Dr. Asiama explained that his predecessor had already transitioned into the facility, as the project had reached an advanced stage of completion before he assumed office.

    “Yes, my predecessor moved into the new headquarters because it was allowed as the project is about 98% complete. It is almost done, and so my predecessor moved into it,” he stated.

    He further noted that upon taking office, it was only practical for him to continue using the building while final touches were being made.

    “When I took over, I had no choice but to also move into it while we continue all the other processes,” he added.

    The construction of the new BoG headquarters has sparked public debate, with concerns raised over its cost and necessity. Despite this, Dr. Asiama’s remarks indicate that the facility is already in use, even as the remaining work is completed.

    The headquarters, part of the newly developed Bank Square, was officially inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo. The modern complex was designed to incorporate advanced technology and enhance the central bank’s ability to regulate Ghana’s financial system efficiently.

    At the inauguration, former President Akufo-Addo underscored the project’s importance in bolstering Ghana’s financial infrastructure and ensuring the central bank meets international standards.

  • BoG defends cost of new headquarters, cites market value

    BoG defends cost of new headquarters, cites market value

    The Bank of Ghana (BoG) Governor has justified the cost of its newly constructed headquarters, arguing that the price per square metre remains below both national and regional market averages.

    Governor Dr. Johnson Asiama provided this clarification while addressing Parliament on concerns over the project’s overall expenditure.

    He disclosed that the Bank’s Entity Tender Committee (ETC) approved a revised construction cost of $2,068 per square metre in December 2022, a figure he described as competitive compared to prevailing rates.

    “This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 stating $2,658 per square metre and in 2022/23 at $2,720 per square metre, as average construction costs for prestige high-rise office spaces in Africa,” he stated.

    According to Dr. Asiama, the Central Tender Review Committee (CTRC) later endorsed this revised cost for the expanded scope of works without any additional adjustments.

    The approved rate ultimately brought the total construction expenditure to $222,799,760.58.

    He maintained that the BoG ensured the project adhered to international construction standards while delivering value for money.

    Dr. Asiama’s remarks come amid scrutiny over the cost of the new headquarters, with some lawmakers and sections of the public questioning whether the expenditure was justified.

    However, he assured Parliament that the central bank exercised financial prudence in executing the project, ensuring that it remained within reasonable cost benchmarks for high-rise office buildings in West Africa.

  • BoG to conduct independent audit of $261.8m new headquarters

    BoG to conduct independent audit of $261.8m new headquarters

    The Bank of Ghana (BoG) is considering commissioning the Architectural and Engineering Services Limited (AESL) to carry out a value-for-money audit on its $261 million new headquarters project.

    This decision follows growing public concern over the project’s cost.

    Speaking before Parliament on Wednesday, March 5, 2025, Governor Dr. Johnson Asiama stated that the audit is a key step in ensuring accountability and transparency in the project’s execution.

    “The reconstituted Bank of Ghana Board will be sworn in next week and the board will begin reviewing some of these legacy issues. We have scheduled for a board agenda of a detailed briefing of the new BoG building by the project management, and we intend to seek authorisation from the Board to engage AESL for a value for money audit into the new building.

    “We believe this will bring clarity to the matter and closure to the issues of our new Bank of Ghana Building”.

    As concerns grow among civil society and opposition groups over the cost of the new Bank of Ghana headquarters, an audit has been initiated to address transparency issues. The project is part of the central bank’s broader infrastructure upgrade initiative.

    To assess cost alignment with prevailing market rates, the state-owned consultancy firm AESL has been commissioned to conduct a thorough evaluation and propose measures for cost efficiency.

    Reaffirming its dedication to responsible financial management, the Bank of Ghana emphasized its commitment to price stability as the nation works toward economic recovery.

    “The Bank of Ghana remains committed to its responsibility which is to ensure financial sector resilience and foster economic growth. These are the priorities that guide our action. As an independent Central Bank, we recognise that public trust is fundamental to our operations and that trust is built on transparency, sound decision making and a demonstrated commitment to prudent financial management,” the Governor added.

  • New BoG Governor confirms old headquarters lacked structural integrity

    New BoG Governor confirms old headquarters lacked structural integrity

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has confirmed that the central bank’s former headquarters was deemed structurally weak, necessitating the construction of a new facility.

    Addressing Parliament, Dr. Asiama provided insights into the decision-making process that led to the development of a new headquarters, stressing that discussions on the matter date back more than a decade.

    He revealed that initial considerations for a new building began in 2011 when the BoG board explored acquiring land for the project. However, the board was unable to finalize a location before its tenure ended.

    “Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered; however, we could not settle on a specific location,” he stated.

    A comprehensive structural integrity audit was later conducted in 2019 under a new board, assessing the state of the existing headquarters, which was constructed in the late 1950s. The findings of this audit indicated that the building had deteriorated significantly over the years.

    “The existing headquarters had developed significant structural defects and was no longer fit for purpose,” he emphasised.

    Dr. Asiama’s remarks come amid scrutiny over the necessity and cost of the new BoG headquarters. However, he defended the decision, citing expert evaluations that underscored the need for a modern and structurally sound facility to support the bank’s operations.

    To facilitate the project, the BoG secured land at West Ridge, which was previously owned by the State Insurance Company (SIC). The government officially acquired the property through Executive Instrument 2020 (E.I. 304), designating the construction of the BoG headquarters as a national priority.

    The compulsory acquisition process began in 2019, and the Executive Instrument was published and gazetted in 2020. The site was subsequently handed over to the contractor in March 2021 to commence preliminary site works and designs.

  • BoG to pay $11.1m for furnishing of new headquarters – Dr Asiama

    BoG to pay $11.1m for furnishing of new headquarters – Dr Asiama

    The Bank of Ghana (BoG) is set to pay $11.1 million for the furnishing of its newly constructed headquarters at Ridge, Governor Dr. Johnson Asiama has revealed.

    Speaking before Parliament on Wednesday, March 5, Dr. Asiama detailed the financial commitments tied to the project after lawmakers from the National Democratic Congress (NDC) demanded a breakdown of costs, funding, and contract variations.

    He clarified that the entire project cost amounts to $261.8 million, of which $230 million had been paid as of February 2025, leaving an outstanding balance of $31.8 million.

    “Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he said.

    Beyond the main structure, additional costs were incurred for essential infrastructure, including:

    • ICT systems and network infrastructure – $8.6 million
    • Integrated electronic security systems – $15.8 million
    • Furniture and furnishings – $11.1 million

    Explaining the necessity of these expenditures, Dr. Asiama stated:

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank.”

    The headquarters, officially commissioned on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, was designed to enhance the central bank’s operational efficiency with state-of-the-art technology and security systems. At the inauguration, Akufo-Addo emphasized its role in reinforcing Ghana’s financial infrastructure to meet global standards.

    OSP Investigates BoG Headquarters Project

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential procurement breaches in the project following a petition from Bawku Central MP Mahama Ayariga. The lawmaker raised concerns over cost escalations that allegedly lacked approval from the Public Procurement Authority (PPA).

    The investigation targets:

    • Former BoG Governor Dr. Ernest Addison
    • Former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi
    • Goldkey Properties Ltd (the project contractor)

    Ayariga disclosed that in response to his inquiries, Dr. Addison, in a letter dated August 22, 2023, refused to provide details on cost variations, citing “National Security” reasons.

    The OSP is yet to release its findings on the matter.

  • $48.3m paid in taxes and levies for new BoG headquarters – Governor

    $48.3m paid in taxes and levies for new BoG headquarters – Governor

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that $48.3 million was paid in taxes and levies related to the construction of the central bank’s new headquarters at Ridge.

    Appearing before Parliament on Wednesday, March 5, Dr. Asiama provided a financial breakdown of the project in response to inquiries from National Democratic Congress (NDC) MPs. Lawmakers had demanded clarity on the total cost, funding sources, and variations in expenditure.

    He explained that out of the total project cost of $261.8 million, an amount of $230 million had already been paid as of February 2025, with $31.8 million still outstanding.

    “Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he stated.

    Beyond the main structure, additional contracts were awarded for key infrastructure, including:

    • ICT systems and network infrastructure – $8.6 million
    • Integrated electronic security systems – $15.8 million
    • Furniture and furnishings – $11.1 million

    Explaining the rationale behind these expenditures, Dr. Asiama said:

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank.”

    The new BoG headquarters was inaugurated on November 20, 2024, under former President Nana Addo Dankwa Akufo-Addo. The facility was designed to integrate modern technology and security systems, enhancing the efficiency of Ghana’s financial regulatory framework. During the commissioning, Akufo-Addo emphasized its significance in strengthening Ghana’s financial system to meet global standards.

    OSP Probes BoG Headquarters Project

    Meanwhile, the Office of the Special Prosecutor (OSP) has launched an investigation into possible procurement irregularities related to the project. This follows a petition from Bawku Central MP Mahama Ayariga, who questioned cost escalations without approval from the Public Procurement Authority (PPA).

    The probe is focusing on:

    • Former BoG Governor Dr. Ernest Addison
    • Former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi
    • Goldkey Properties Ltd (the project contractor)

    Ayariga revealed that in response to his inquiries, Dr. Addison, in a letter dated August 22, 2023, refused to disclose cost variations, citing “National Security” concerns.

    The OSP has yet to publish its findings on the matter.

  • Govt to pay $31m to complete payment for new BoG headquarters – Dr Asiama

    Govt to pay $31m to complete payment for new BoG headquarters – Dr Asiama

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that an outstanding amount of $31 million must be paid to cover the complete cost of the new Bank of Ghana headquarters located at Ridge.

    Dr. Johnson Asiama made this known when appeared before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    He noted that out of the total cost at $261.8 million, an amount of $230 million was paid in February this year for the project commissioned last year.

    “Mr Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he said.

    According to the Bank of Ghana Governor, “a total of 48.3 million dollars has been paid in taxes and levies that were related to the construction.”

    Beyond the core building, separate contracts were awarded for other infrastructure. These include ICT systems and network infrastructure which was awarded at a cost of 8.6 million dollars. Integrated electronic security systems which was also awarded at a cost of 15.8 million dollars and furniture and furnishing that was also awarded at 11.1 million dollars.

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank,” Dr Asiama explained.

    The official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo was held on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • Govt to pay $261.8m for new BoG headquarters first valued at $81m – Dr Asiama

    Govt to pay $261.8m for new BoG headquarters first valued at $81m – Dr Asiama

    Bank of Ghana (BoG) Governor, Dr. Johnson Asaima, has provided key insights into the cost of construction of the institution’s new headquarters, a project initiated under the Akufo-Addo administration.

    Appearing before Parliament on Wednesday, March 5, he disclosed that the budget of the project was first pegged at $81.8m and presented to the Public Project Authority (PPA) for further deliberation.

    However, he stated that following a re-evaluation by the Central Bank, the amount rose to $121.1 million. He further noted that the budget was later revised upward to $222.8 million, featuring redesign elements and other adjustments.

    “Mr Speaker the project was initially valued by the PPA at $81.8m but later increased to $121.1m after the Bank of Ghana requested for re-evaluation. This was revised again to $222.8m after the redesign and inclusion of building management system.

    “Mr Speaker there was also 33 requirements, security needs and sustainability consideration, as a result the total project cost increased to $261.8m,” he added.

    The new BoG’s headquarters site was formally handed over to the contractor in March 2021 for commencement of preliminary site works and designs.

    Later on, there was a review of the design, prompting the ETC of the Bank at its meeting held on 19th December 2022 to revise the project cost of USD2,068.00/m2.

    CTRC subsequently granted concurrent approval for the revised scope of works at cost of USD2,068.00/m2 on 17th January 2023.

    The land was compulsorily acquired by the Government of Ghana by Executive Instrument, 2020 E.I 304 for the New Bank of Ghana Headquarters, a building of national interest.

    The compulsory acquisition process started in 2019 and the Executive Instrument was published and gazetted in 2020.

    Former President Akufo-Addo officially inaugurated the Bank Square on November 20, 2024, before leaving office.







    previous government.

  • $230m was paid for new BoG headquarters in February 2025 – Governor Asiama

    $230m was paid for new BoG headquarters in February 2025 – Governor Asiama

    Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has revealed that in February, the government paid $230 million out of the total $261.8 million cost of the new BoG building, which had been constructed under the previous government.

    He made this revelation during a presentation in Parliament earlier today, Wednesday, 5, 2025, following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    The projected cost of the project was pegged at $81.8 million, however it increased after multiple reviews and adjustments, Mr Asiama added.

    “Mr Speaker as of February this year, a total of 280 million approximately has been paid toward the project with an outstanding balance of 31.8 million dollars yet to be paid to the contractor” he said.

    The governor also noted that $48.3 million had been paid in taxes and levies, and separate contracts were awarded for supporting infrastructure, including ICT systems, integrated electronic security systems, and furniture.

    Meanwhile, the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo was held on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.



  • LIVESTREAMING: BoG Governor briefs Parliament on cost, status of new headquarters

    LIVESTREAMING: BoG Governor briefs Parliament on cost, status of new headquarters

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is set to appear before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters, reportedly costing $250 million.

    His invitation follows demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    Majority Leader Mahama Ayariga emphasized the need for accountability and transparency in the project.

    The inquiry follows the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • National Economic Dialogue ends; stakeholders urge BoG-private sector collaboration, economic diversification 

    National Economic Dialogue ends; stakeholders urge BoG-private sector collaboration, economic diversification 

    The Mahama-led government’s National Economic Dialogue (NED), that brought together economic experts, policymakers, business leaders, and other stakeholders to discuss Ghana’s economic challenges and propose lasting solutions, was brought to a successful end on Tuesday, March 4.

    The two-day forum, themed “Resetting Ghana: Building the Economy We Want Together,” focused on fostering inclusive discussions and developing practical policy recommendations to address the country’s economic difficulties.

    Participants proposed strategies, programs, such as collaboration between the Central Bank and private sector while others also suggested extended investment incentives to local businesses by the government.

    Speaking at the event, Managing Director of the Ghana Stock Exchange, Abena Amoah, emphasized the need for greater collaboration between the Bank of Ghana (BoG) and industry players. She argued that direct engagement would better align monetary policies with business realities, ultimately fostering investment, job creation, and economic expansion.

    “We believe that the macroeconomy is often disconnected from the private sector. So, Governor, we want the private sector to meet with you and the Monetary Policy Committee (MPC) frequently—at least twice a year—so you can hear our concerns and see how the tools you have can support growth and employment for Ghana,” she stated.

    Similarly, Mavis Owusu-Gyamfi, President of the African Center for Economic Transformation (ACET), stressed the importance of strategic policies to strengthen Ghana’s economy. She called on the government to extend investment incentives to local businesses just as it does for foreign direct investors, highlighting their crucial role in national development.

    “Offer investment incentives to your large local businesses the same way you do for foreign direct investments,” she advised.

    “Remember, your large businesses have options on where to invest, so let’s prioritize supporting them,” she added.

    Meanwhile, the Chief Executive of the Millennium Development Authority (MiDA), Alexander Kofi-Mensah Mould has reassured that the outcomes of the National Economic Dialogue (NED), will not be shelved as speculated by a section of concerned Ghanaians.

    “MiDA is committed to ensuring that resolutions from the dialogue translate into tangible, game-changing projects including other transformational projects in the NDC‘s manifesto” Alex Mould emphasized.

    The dialogue featured a distinguished lineup of speakers, including Mr. Leslie Dwight Mensah, Prof. Ebo Turkson, Mrs. Abena Osei-Poku, Mr. David Ofosu-Dorte, Dr. Elikplim Kwabla Apetorgbor, and Mr. Franklin Cudjoe, who shared valuable insights and policy recommendations.

    Discussions were guided by expert moderators, including Dr. Paul Acquah (former BoG Governor under the Kufuor administration), Dr. Edward K. Brown, Mr. Joe Mensah, Mr. Felix Addo, Prof. K. K. Sarpong, and Dr. Emmanuel Akwetey of the Institute for Democratic Governance (IDEG).

    The opposition New Patriotic Party (NPP) did not attend the two-day dialogue, which drew criticism from a section from the general public. The party criticized the event, calling it a distraction and expressing skepticism about its effectiveness. 

  • Gold-for-Oil initiative suspended as BoG reviews policy

    Gold-for-Oil initiative suspended as BoG reviews policy

    The Bank of Ghana (BoG) has suspended the Gold-for-Oil programme due to policy and operational challenges that have resulted in financial losses.

    The initiative, introduced to reduce reliance on foreign exchange for fuel imports and stabilize fuel prices, is on hold as the Central Bank reviews its economic strategy.

    In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama acknowledged the challenges, stating, “We have had to incur some losses on that, so we have put some suspension on the trade.”

    However, he did not specify the exact issues leading to the decision. Dr. Asiama remains optimistic about Ghana’s economic trajectory, highlighting improvements in the stability of the cedi following last year’s fluctuations.

    “We intend to maintain an appropriate monetary policy stance. Together with commitments to fiscal discipline under the administration of President John Mahama, this should help us maintain stability in the foreign exchange markets,” he assured.

  • Goldbod to takeover Ghana’s gold purchases’ role – BoG Governor

    Goldbod to takeover Ghana’s gold purchases’ role – BoG Governor

    The Bank of Ghana (BoG) is considering stepping back from its direct involvement in gold procurement, paving the way for a newly established Gold Board to take charge of bullion purchases.

    Governor of the Bank of Ghana, Dr. Johnson Asiama, disclosed in an interview with Bloomberg that this transition is aimed at enhancing efficiency in the sector and ensuring a more structured approach to managing Ghana’s gold resources.

    “The central bank may remove itself from the programme to purchase bullion and hand the role to a soon-to-be-established Gold Board,” he stated.

    The establishment of the Gold Board is expected to improve transparency in the gold trade, regulate transactions, and optimise purchases for national reserves.

    Industry experts believe that shifting the responsibility to a specialised entity will streamline operations, strengthen oversight, and allow the central bank to focus on its core monetary functions.

    The move aligns with broader efforts to fortify Ghana’s gold industry, maximise economic gains, and enhance the country’s position in global bullion markets.

  • Banks to cut interest rates if BoG revises cash reserve ratio

    Banks to cut interest rates if BoG revises cash reserve ratio

    Banks have indicated their readiness to swiftly cut interest rates if the Bank of Ghana (BoG) revises the Cash Reserve Ratio (CRR).

    They have also assured that steps will be taken to enhance financial support for businesses, highlighting how the existing policy has affected their cash flow and lending capacity.

    Victor Yaw Asante, the Managing Director and CEO of First Bank Ghana, shared this information on PM Express Business Edition with George Wiafe on February 27, 2025.

    In 2024, the BoG introduced a revised CRR framework, linking reserve requirements to the loan-to-deposit ratio (LDR) of banks.

    This initiative was designed to absorb excess liquidity in the banking sector. Under the updated framework, banks with loan-to-deposit ratios below 40 percent are required to maintain a 25 percent Cash Reserve Ratio (CRR), while those with ratios between 40 and 55 percent must hold 20 percent. Banks that exceed a 55 percent loan-to-deposit ratio are subject to a lower CRR of 15 percent.

    Speaking on the program, Mr. Asante emphasized that if the Bank of Ghana responds favorably to the request, it would greatly enhance banking operations.

    He stated that they had made a strong appeal to the central bank and were hopeful that the issue would be addressed soon.

    “We should also try and deal with expectations as well as manage things in a way that build trust”, Director noted

    In recent months, the Ghanaian cedi has shown relative stability against the US dollar. Mr. Asante stressed the importance of strengthening the country’s export earnings to build foreign reserves. He urged the Bank of Ghana to adopt strategic measures to manage foreign exchange challenges without direct intervention in the market.

  • BoG Governor updates Parliament on scope, cost of new headquarters on March 5

    BoG Governor updates Parliament on scope, cost of new headquarters on March 5

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is set to appear before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters, reportedly costing $250 million.

    His invitation follows demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    Addressing lawmakers, Majority Leader Mahama Ayariga emphasized the need for accountability and transparency in the project.

    “We have decided at the committee meeting that next week, Wednesday, we will invite the Governor of the Bank of Ghana, as an independent constitutional body, to come to this house to brief us on the pricing of the new Bank of Ghana head office building. We want to know how the price variation took place, how quantities were, and the justification for the need for a new Bank of Ghana Headquarters,” he stated.

    The inquiry follows the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • Isaac Adongo, Asiama and 10 others appointed Board members of BoG

    Isaac Adongo, Asiama and 10 others appointed Board members of BoG

    President John Mahama has appointed a new 12-member governing board for the Bank of Ghana, with Dr. Johnson Pandit Asiama as chairman and his deputy, Dr. Zakari Mumuni, serving as vice-chair.

    The appointment, made in consultation with the Council of State and in line with the Bank of Ghana Act, was announced in a communiqué released by Minister of State in charge of Government Communication, Felix Ofosu Kwakye, on Wednesday, February 26.

    The board includes Bolgatanga Central Member of Parliament, Isaac Adongo, and deputy finance minister nominee, Thomas Nyarko Ampem. Other appointees are Nana Akua Ayivora, Emma Akua Bulley, Dr. Stephen Senyo Sapati, and Joseph W. Asamoah. The remaining members are Kizzita Mensah, Beatrice Feehi Annangfio, Evelyn Naa Checher Kwatia, and Mr. Augustine Fritz Gockel.

    The appointments follow the swearing-in of BoG Governor Dr. Asiama and his deputy Dr. Mumuni by President Mahama on Tuesday, February 25, at the Jubilee House.

  • BoG will operate free from political interference – Mahama pledges

    BoG will operate free from political interference – Mahama pledges

    President John Mahama has reaffirmed his commitment to safeguarding the independence of the Bank of Ghana (BoG), assuring that his administration will not interfere with the central bank’s operations.

    Speaking at the swearing-in ceremony of Dr. Johnson Asiama as Governor of the BoG and Dr. Zakari Mumuni as First Deputy Governor at the Jubilee House, Mahama stressed the importance of maintaining fiscal discipline and protecting the financial sector from political influence.

    He assured Ghanaians that his government would steer clear of political interference in monetary policy.

    “As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy, one where policies are driven by discipline, foresight, and the best interest of the Ghanaian people,” Mahama said.

    He warned of the dangers of reckless monetary practices, highlighting how unregulated money printing could destabilize the economy.

    “The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama stated.

    “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation and erosion of incomes to driving millions into poverty.”

    Mahama emphasized his administration’s dedication to upholding responsible fiscal management and ensuring that the BoG functions within its legal framework. “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana,” he said.

    In what appeared to be a swipe at the previous administration led by former President Nana Akufo-Addo, Mahama remarked, “One thing for sure… I am not going to ask you to print more money.”

    This follows concerns raised over the BoG’s decision to print GH¢35 billion in 2021 and GH¢42 billion in 2022 to support government spending, as revealed in its 2022 annual report and financial statements. The then-Minority Caucus in Parliament criticized the move, arguing that it violated Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

    At the same event, newly appointed Governor Dr. Johnson Asiama pledged to rebuild trust in the financial system by fostering transparency, stability, and innovation.

    “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” Dr. Asiama said.

    He further emphasized the Bank’s renewed commitment to restoring confidence in Ghana’s financial landscape. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he added.

    Promising to serve with fairness and integrity, Dr. Asiama declared, “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.”

    Dr. Asiama’s appointment follows the decision of outgoing Governor Dr. Ernest Addison to proceed on leave ahead of his retirement on March 31, 2025.

    With prior experience as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017, Dr. Asiama brings a wealth of expertise to lead the institution into this new chapter.

  • I won’t ask you print more money – Mahama tells new BoG Governor

    I won’t ask you print more money – Mahama tells new BoG Governor

    President John Mahama has assured Ghanaians that his administration will uphold fiscal responsibility and avoid exerting political pressure on the Bank of Ghana (BoG) to print money for government spending.

    Speaking at the swearing-in ceremony for the newly appointed Governor of the Bank of Ghana, Dr. Johnson Asiama, and his First Deputy, Dr. Zakari Mumuni, at the Jubilee House on Tuesday, Mahama emphasized the dangers of reckless monetary policies, pledging not to repeat mistakes of the past.

    “The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama stated. “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation and income erosion to driving millions into poverty.”

    He further underscored the importance of preserving the BoG’s independence, stating, “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana. As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate.”

    In a pointed remark that appeared to reference the previous administration under former President Nana Akufo-Addo, Mahama added, “One thing for sure… I am not going to ask you to print more money.”

    This comment echoes earlier controversies surrounding the BoG’s 2022 annual report, which revealed that the central bank had printed GH¢35 billion in 2021 and GH¢42 billion in 2022 to finance government expenditure. The Minority Caucus in Parliament criticized these actions of the BoG then led by Dr Ernest Addison, claiming they breached Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

    Meanwhile, newly sworn-in Governor Dr. Johnson Asiama reaffirmed his dedication to revitalizing public confidence in the financial sector through responsible governance, innovation, and transparency.

    Outlining his vision, Dr. Asiama said, “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

    He also stressed the importance of restoring trust in the sector, describing the Bank’s new direction as a tangible commitment to rebuilding confidence. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he said.

    Pledging to serve with integrity and impartiality, Dr. Asiama affirmed, “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.”

    His appointment follows the departure of outgoing Governor Dr. Ernest Addison, who is set to retire on March 31, 2025, after officially proceeding on leave.

    Dr. Asiama brings significant experience to the role, having previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.

  • We will provide a secure financial system that will aid growth of businesses – BoG Governor

    We will provide a secure financial system that will aid growth of businesses – BoG Governor

    Newly sworn-in Governor of the Bank of Ghana, Dr. Johnson Asiama, has pledged to strengthen public confidence in Ghana’s financial sector by promoting stability, transparency, and innovation.

    Speaking at his swearing-in ceremony on Tuesday, February 25, Dr. Asiama outlined his commitment to steering the nation’s economy toward a future-ready and stable financial system through responsible governance, digital transformation, and sound economic policies.

    Emphasizing the importance of rebuilding trust, he stated, “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

    Highlighting the Bank’s renewed focus, he added that this “reset path” was more than just a pledge—it represented tangible actions aimed at restoring public trust in the financial sector.

    Dr. Asiama also assured Ghanaians of his dedication to serving with fairness and integrity. “As I take this oath of office, I do so with a solemn promise to the people of Ghana. That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana,” he affirmed.

    He appealed for the cooperation and trust of all stakeholders, emphasizing that the success of this new chapter would depend on collective effort. “We seek the support, partnership, and trust of the people of Ghana as we embark on this journey to foster growth and opportunity for our country,” he said.

    Dr. Asiama’s appointment follows the early departure of outgoing Governor Dr. Ernest Addison, who is set to retire on March 31, 2025, after officially requesting to proceed on leave.

    Bringing extensive experience to the role, Dr. Asiama previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017. His return to the institution signals a renewed focus on financial stability and economic resilience.

  • Elsie Addo Awadzi retires at Second Dep. BoG Governor

    Elsie Addo Awadzi retires at Second Dep. BoG Governor

    Elsie Addo Awadzi, the Second Deputy Governor of the Bank of Ghana (BoG), has officially announced her retirement from the Central Bank, set to take effect on February 28.

    The Presidency confirmed her decision in a statement released on Friday, February 7, 2025, acknowledging her years of dedicated service to the institution and the country’s financial sector.

    President John Dramani Mahama accepted her early retirement and extended his appreciation for her contributions to economic governance and financial stability.

    “The President thanks Mrs. Elsie Addo Awadzi for her distinguished service to the Bank and the Republic and wishes her well in her future endeavors,” the statement read.

    During her tenure at the Bank of Ghana, Awadzi played a key role in strengthening monetary policy and ensuring stability in the financial sector. Her leadership was instrumental in shaping policies that promoted economic resilience.

    As she departs from her position, her impact on Ghana’s banking sector remains significant, with expectations that her expertise will continue to influence financial governance beyond the Central Bank.

  • Afenyo-Markin’s opposition to BoG Governor’s assumption of duty lacks basis, an error of law – Dafemekpor

    Afenyo-Markin’s opposition to BoG Governor’s assumption of duty lacks basis, an error of law – Dafemekpor

    Majority Chief Whip and Member of Parliament for South Dayi, Nelson-Rockson Dafemekpor, has criticized Minority Leader Alexander Afenyo-Markin’s objections regarding the assumption of duty by the newly appointed Bank of Ghana (BoG) Governor, Dr. Johnson Asiamah.

    Afenyo-Markin had previously written to President John Mahama, raising concerns that Dr. Asiamah had started his duties before receiving approval from the Council of State.

    This, he argued, could set a dangerous precedent. The Minority Leader cited a media report about Dr. Asiamah’s activities at the bank following a brief engagement with the BoG management on February 3.

    Afenyo-Markin compared the situation to a judicial nominee presiding over court cases before receiving the proper approvals, calling it “inappropriate.”

    In a response posted on the social media platform X, Mr. Dafemekpor refuted Afenyo-Markin’s criticism, pointing out that no law had been cited to support the Minority Leader’s claims.

    “Now, it’s curious that Hon. Afenyo-Markin is lamenting the official presence of the new Governor at BoG yet he was unable to point to any law that has been breached in that regard,” he said.

    Dafemekpor also referenced a previous court case, highlighting a ruling that clarified the President’s authority in such matters.

    “In the case of GBA & Ors vrs. AG & Ors [2016] GHA SC 43… Dotse JSC (as he then was) delivering a concurring opinion… had this to say to the Hon. Afenyo-Markin as Counsel for the Plaintiff in the 1st case: ‘In conclusion, I want to reiterate the point that, whilst the President is mandated to seek the advice of the Judicial Council, and consult with the Council of State in the appointment process of Supreme Court Judges with the approval of Parliament, those advisory opinions are not binding on the President.’”

    From this, Dafemekpor concluded that Dr. Asiamah’s assumption of duty was legally justified, irrespective of pending approval.

    “So it is clear from the above SC decision that, the appointment by Dr. Johnson Asiamah as the new BoG Governor (pending the advice from the CoS though) is a fait accompli, because the SC says any such advice is NOT BINDING ON THE PREZ.”

    Dafemekpor went on to address Afenyo-Markin’s letter, saying that his suggestions were legally flawed.

    “Interestingly, even though, the Hon. Afenyo-Markin says in para 7 of his odd letter to the Prez of the Republic that, the new Governor should refrain from any official engagements, yet the same man suggests that the Governor can receive briefings awaiting confirmation. Que? In what form and manner will any such briefings take? Wouldn’t it be in a meeting? And won’t such meetings be held in BoG premises?”

    Concluding his remarks, Dafemekpor stated that Afenyo-Markin’s letter lacked legal merit, calling it “hot air” and an “error of law.”

  • New BoG Governor assures of institution’s independence

    New BoG Governor assures of institution’s independence

    Dr. Johnson Asiama, the newly appointed Governor of the Bank of Ghana (BoG), has pledged to safeguard the independence of the institution and ensure a seamless transition into his new role.

    Speaking after assuming office, Dr. Asiama emphasized that his primary goal is to uphold the autonomy of the central bank while fostering a smooth handover of responsibilities. His comments were made during a meeting with the Bank’s Deputy Governors, Dr. Maxwell Opoku-Afari and Elsie Addo Awadzie.

    “The President believes that this approach reinforces our independence and facilitates a smooth transition,” Dr. Asiama said, assuring both stakeholders and the public that the transition would be without complications.

    He further added, “The public must see us working together because it’s just another transition.”

    Dr. Asiama also noted that key personnel at the Central Bank are already familiar to him, which should make the transition process even smoother. “We should not see the transition as a problem for us at all,” he remarked.

    As the new Governor, he reaffirmed his commitment to the mandate of the Bank, ensuring that the market would experience no disruptions during his tenure.

    Dr. Asiama officially took over as Governor of the Bank of Ghana after Dr. Ernest Addison began his terminal leave on February 3, 2025, ahead of his retirement. Dr. Addison’s tenure will officially conclude on March 28, 2025, as per the provisions of the Bank of Ghana Act, 2002 (Act 612), as amended.

  • Addison proceeds on leave, Dr. Johnson Asiamah appointed BoG Governor

    Addison proceeds on leave, Dr. Johnson Asiamah appointed BoG Governor

    President John Dramani Mahama has appointed Dr. Johnson Asiamah for the role of Governor of the Bank of Ghana, subject to the approval of the Council of State.

    This decision follows a formal request from the current Governor, Dr. Ernest Addison, to take a leave of absence ahead of his planned retirement on March 31, 2025.

    Dr. Asiamah, who previously held the position of Second Deputy Governor of the Bank of Ghana between 2016 and 2017, earned his PhD in Economics from the University of Southampton in the UK. His career spans extensive expertise in shaping monetary policies, regulating financial stability, and conducting economic research.

    With over 23 years of service at the Bank of Ghana, Dr. Asiamah has consistently shown his commitment to developing sound monetary policies, stabilizing the financial sector, and contributing to the nation’s economic growth.

  • BoG hammers on financial inclusion for persons with disabilities

    BoG hammers on financial inclusion for persons with disabilities

    The Bank of Ghana (BoG) has reinforced its commitment to ensuring financial inclusion for persons with disabilities (PWDs) by issuing a directive aimed at breaking down barriers in accessing financial services.

    This directive aligns with global financial inclusion standards, which emphasize secure, efficient, and accessible financial systems. It mandates financial service providers to improve service accessibility, expand service points, enhance interoperability, and implement targeted financial literacy programs for PWDs.

    Citing legal backing, the central bank referenced key legislations, including the Persons with Disability Act, 2006 (Act 715), the Borrowers and Lenders Act, 2020 (Act 1052), the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930), and the Payment Systems and Services Act, 2019 (Act 987). These laws provide the framework for ensuring that PWDs have equitable access to financial products and services.

    The directive seeks to increase accessibility and usability of financial products for PWDs while compelling financial institutions to develop policies and infrastructure that promote inclusive banking. It is also guided by the principles of the UN Convention on the Rights of Persons with Disabilities, reinforcing the need for proactive measures to eliminate obstacles faced by PWDs in financial transactions.

    Penalties for Non-Compliance

    The BoG has made it clear that institutions failing to comply with the directive will face strict penalties.

    “A Financial Service Provider that fails to institute policies, procedures, and facilities as prescribed by this directive shall be liable to an administrative penalty of not less than two thousand penalty units,” the directive warns.

    This sanction is enforced under section 92 (8) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 44 (3) of the Non-Bank Financial Institution Act, 2008 (Act 774).

  • External debt at $27.6bn; GHC761.0bn total debt as of Nov 2024 – BoG

    External debt at $27.6bn; GHC761.0bn total debt as of Nov 2024 – BoG

    Ghana’s total public debt stood at GHC761.0 billion by November 2024, reflecting a month-on-month decrease of GH¢24.1 billion, according to the Bank of Ghana’s January 2025 Summary of Financial and Economic Data.

    This decline in the overall debt was attributed to the successful restructuring of the country’s external debt, which significantly reduced its external debt component.

    In dollar terms, Ghana’s total debt was valued at US$47.9 billion as of November 2024, a decrease from US$51.6 billion recorded in the same month the previous year. This level of debt equates to 72.2% of the nation’s Gross Domestic Product (GDP).

    The external debt, which plays a significant role in the country’s financial structure, was reported at US$27.6 billion in November 2024. This figure is notably lower than the US$30 billion recorded in November 2023, and represents a decrease from US$32.0 billion in both September and October 2024.

    Conversely, domestic debt saw an upward trend, rising to GH¢311.7 billion as of November 2024, which accounts for about 30.5% of GDP. This increase is attributed to the government’s persistent borrowing from the treasury market, with domestic debt sitting at GH¢275.8 billion in February 2024.

    Although data from August 2024 to December 2024 on government fiscal operations was not available, the fiscal deficit to GDP stood at 3.9% as of July 2024, while the primary balance reflected a deficit of 1.8% of GDP during the same period.

    As of November 2024, Ghana’s economy was valued at GH¢1.020 trillion, with continued fiscal challenges and external debt restructuring efforts forming the core of the country’s ongoing economic management strategy.

    Summary-of-Economic-and-Financial-Data-January-2025Download
  • BoG records 2.4% cedi depreciation to dollar in January

    BoG records 2.4% cedi depreciation to dollar in January

    The Ghana cedi depreciated by 2.4% against the US dollar in January 2025, marking a sharper decline compared to the 1.3% recorded during the same period last year, the Bank of Ghana has revealed.

    By the end of January, the local currency was trading at GH¢15.06 to the US dollar on the interbank market. Similarly, the cedi weakened by 3.0% against the euro, selling at GH¢15.69, and depreciated by 0.8% against the British pound, which traded at GH¢18.55.

    In the retail forex market, the cedi’s performance was even more concerning. As of January 17, 2025, the local currency had depreciated by 2.94% to the dollar, bringing its year-to-date loss to 3.87%.

    This decline was driven by heightened demand from the manufacturing and energy sectors, coupled with the Bank of Ghana’s auction of its first US$20 million to Bulk Oil Distribution Companies (BDCs).

    The cedi’s depreciation to the dollar in January was its steepest decline since the start of the year, with the currency trading at a mid-rate of GH¢16.15 per dollar during the third week of the month.

    Market analysts attribute the cedi’s challenges to sustained pressure from key sectors and the demand for foreign exchange. The Bank of Ghana’s interventions, such as the forex auction, aim to stabilize the currency, but rising demand for dollars continues to exert downward pressure.

  • BoG adjusts gold coin rates following global gold price rise

    BoG adjusts gold coin rates following global gold price rise

    The Bank of Ghana (BoG) has announced a modest price adjustment for its gold coins, in line with the recent surge in global gold market prices.

    The coins, available in 0.25oz, 0.50oz, and 1oz denominations, are now priced at GHS 11,248, GHS 21,623, and GHS 42,435, respectively.

    This price increase coincides with gold prices on the London Bullion Market Association (LBMA) reaching $2,715 per ounce on January 20, 2025, fueled by high demand amidst global economic uncertainties.

    The BoG’s Ghana Gold Coin (GGC) initiative, launched as part of its domestic gold strategy, provides Ghanaians with a viable alternative investment while addressing broader economic challenges.

    The program is designed to absorb excess liquidity in the market, reinforcing the Ghanaian Cedi and stabilizing the local currency.

    The central bank urges investors to closely monitor fluctuations in gold prices and exchange rates, as these elements directly affect the value of the gold coins.

    The GGC initiative presents an excellent opportunity for individuals to diversify their investment portfolios, participate in the global gold market, and contribute to both their financial well-being and the country’s economic resilience.

  • BoG can’t resolve inflation challenges, cross-sectoral approach needed – GSS

    BoG can’t resolve inflation challenges, cross-sectoral approach needed – GSS

    The Ghana Statistical Service (GSS) has emphasized the need for a collaborative, cross-sectoral approach to addressing inflation, stressing that the responsibility should not fall solely on the Bank of Ghana (BoG).

    The GSS has called for the inclusion of all government ministries in efforts to curb rising inflation and ensure economic stability.

    Historically, the BoG has relied on monetary policy tools such as interest rate adjustments to manage inflation. In 2022, the Bank implemented record-high interest rates as part of its inflation control strategy. By September 2024, the BoG reduced its monetary policy rate to 27%, the second rate cut since 2021, to ease borrowing costs and address inflationary pressures. Prior to this, the policy rate had been held at 29% for nine months following a reduction from 30% in January 2024.

    However, despite these measures, recent GSS data revealed that the government missed its end-of-year inflation target of 15%, as inflation surged for the fourth consecutive month, reaching 23.8% in December 2024, up from 23.0% in November. The increase was largely driven by rising food prices.

    In response, the Government Statistician, Professor Samuel Kobina Annim, reiterated the importance of a comprehensive strategy involving multiple ministries to tackle the root causes of inflation. Government Statistician, Professor Samuel Kobina Annim, stressed the necessity of moving the focus beyond the Central Bank’s actions alone.

    “We definitely need to move the conversation away from a Central Bank’s responsibility alone. We need to tackle inflation at least from two perspectives. Every sector ministry we talk about in our release should be responsible,” he said.

    “Our conversation focuses on the Ministry of Food and Agriculture. But, if you look at the items – transport, housing, water, electricity and gas are dominant divisions. These ministries should be part of the conversation in driving down the rate of inflation,” he added.

    Prof. Annim further highlighted the need for a multi-ministerial approach, emphasizing the importance of coordinated efforts.

    “It will be a challenge speaking directly to what different state institutions should be doing differently. Especially, when you don’t know the details of what they are doing, apart from what you are told or you read.

    “On the back of this, it will be important we step back and look at how Ghana Statistical Service is promoting the granular data from the headline figure. So we are calling for an inter-ministerial engagement if we want to bring down the rate of inflation,” he concluded.

  • BoG grants 15 brokers authorisation to operate in interbank FX market

    BoG grants 15 brokers authorisation to operate in interbank FX market

    The Bank of Ghana (BoG) has authorised 15 foreign exchange (FX) brokers to operate on the Ghana Interbank Foreign Exchange Market for the year 2025.

    This approval is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct rules, which mandates both local and international FX brokers to obtain annual clearance to participate in the country’s forex market.

    Among the approved brokers for 2025 are IC Securities, SIC Brokerage, Black Star Brokerage, Serengeti Limited, Obsidian Acherner, Regulus, Sarpong Capital, Terika Financial Services Ltd, Laurus Africa, Shadeya International Investments Ltd, Savvy Securities, GFX Brokers, Crown Agents, CSL Capital, and StoneX Financial Limited.

    Crown Agents, CSL Capital, and StoneX Financial Limited are specifically designated as Cross-Border Payments and Financial Services Providers.

    The authorisations, effective from January 1 to December 31, 2025, are subject to strict post-approval conditions. According to a statement from the BoG:

    “The Bank of Ghana reserves the right to delist any authorised FX Broker for nonperformance or non-compliance with the Foreign Exchange Act 2006 (Act 723), the Interbank FX Market Conduct rules and the Post Authorisation Guidelines for Forex Brokers.”

    The BoG has underscored the need for all FX brokers to strictly adhere to the Ghana Interbank FX Market Conduct rules. Brokers are required to submit interim and end-of-day trading reports, maintain robust systems against cyber threats, and operate solely as intermediaries between banks without direct engagement with corporate entities.

    Failure to comply with these regulations may lead to sanctions, including the revocation of operating authorisation.

    For Cross-Border Payments and Financial Services Providers, the BoG has also imposed specific compliance requirements, such as maintaining accurate market-based pricing and meeting strict reporting obligations. Non-compliance with these conditions could result in similar penalties.

    This regulatory move by the Bank of Ghana highlights its commitment to ensuring a stable and transparent forex market while aligning with international best practices. The approved brokers and the regulatory conditions aim to foster confidence and discipline in Ghana’s interbank FX market.

  • BoG Governor projects inflation will fall to single digits by the first quarter of 2026

    BoG Governor projects inflation will fall to single digits by the first quarter of 2026

    Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has announced that the central bank expects inflation to drop to single digits by the first quarter of 2026.

    However, he mentioned that this projection depends on the economic policies and programs that the incoming John Mahama administration will implement in 2025.

    Dr. Addison shared this information during an appearance on Joy News’ PM Express Business Edition with host George Wiafe.

    In 2024, the BoG initially predicted inflation to end the year at 15%, but this forecast was later updated to 18%.

    By November 2024, inflation had slightly increased to 23% from 22.1% in October.

    Dr. Addison noted that inflation is expected to decrease due to the monetary policy actions taken by the BoG.

    “Based on the work that the Bank of Ghana has done in checking rising price levels through the inflation targeting policy, the inflation rate will slow down for this year (2025), he assured.

    “Inflation rate will hit 15 per cent by the end of 2025, from the current 23 per cent”, he assured.

    Dr. Addison explained that the increase in inflation was partly due to the election-related emotions and the uncertainty surrounding that period.

  • Salaries would’ve been withheld, no return on investment if not for DDEP – BoG Governor

    Salaries would’ve been withheld, no return on investment if not for DDEP – BoG Governor

    Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, has revealed that salaries would have gone unpaid, and investment returns halted if not for the Domestic Debt Exchange Programme (DDEP).

    Speaking on Joy News’ PM Express Business Edition, Dr. Addison described the debt exchange as a critical intervention to avert national economic collapse during a severe crisis.

    “It was a life-and-death matter for all Ghanaians. At that point, nothing else mattered. Salaries were not going to be paid. There was going to be chaos because nobody was getting their investment returns,” he stated.

    He dismissed claims that the DDEP compromised the central bank’s independence, emphasizing it was a necessary response to the country’s financial challenges.

    “The debt exchange programme has nothing to do with the independence of the central bank,” he clarified.

    Dr. Addison detailed that the International Monetary Fund (IMF) had recommended a debt standstill, followed by the debt exchange initiative as part of efforts to restore stability.

    “The IMF’s approach to the crisis was clear. The Bank of Ghana had to continue financing the government to maintain stability while we worked on the programme.

    “At that point, those holding government instruments were the ones impacted. What happened in October during the debt standstill could have happened much earlier in the year, but it would have been disorderly without the appropriate policies in place. This was the solution given the situation the country found itself in.”

    Reaffirming the central bank’s autonomy, he stressed, “The recent economic challenges were about survival. Let’s not oversimplify the situation.”

    The DDEP, which concluded on February 10, 2023, recorded over 80% participation of eligible bonds.

  • BoG to activate MPCC if inflation surpasses 18% ±2% target – Report

    BoG to activate MPCC if inflation surpasses 18% ±2% target – Report

    The Bank of Ghana may activate the Monetary Policy Consultation Clause (MPCC) if the country fails to achieve the central inflation target of 18.0% +/- 2.

    Inflation spiked to 23% in November 2024, with a potential for a slight increase in December 2024.

    According to the terms outlined in the Monetary Policy Consultation Clause (MPCC) under Ghana’s ongoing International Monetary Fund (IMF) agreement, if the actual inflation rate falls outside the established outer bands on specific review dates, the MPCC will be triggered.

    This would initiate discussions with the IMF Board, with Ghanaian authorities presenting corrective measures to address the issue.

    “Given the revised central target of 18.0%, we estimate the upper outer band at 22.0%, above which the authorities would have to trigger the MPCC”, IC Research said in its macroeconomic update.

    “With the risk of overshooting the upper outer band, which would trigger the MPCC, we believe the Bank of Ghana opted for the aggressive FX [foreign exchange] sales to ensure a favourable pass-through of FX appreciation and contain inflation below 22.0% by end-2024”, it stated.

    Ghana’s Consumer Price Inflation continued its ascent in November 2024, as the persistent rise in food inflation overshadowed a modest decline in non-food inflation, intensifying price pressures across the economy.

    Headline inflation surged by 90 basis points to 23.0% year-on-year, defying analysts’ expectations of a slight dip in November 2024.

  • BoG rolls out stricter bancassurance regulations for financial sector shareholders

    BoG rolls out stricter bancassurance regulations for financial sector shareholders

    The Bank of Ghana (BoG) has released the bancassurance guidelines as an Exposure Draft, inviting feedback from the banking sector and the public, in accordance with the BoG’s Procedures for Issuance of Directives, 2020.

    BoG notes that bancassurance has experienced significant expansion worldwide, including across Africa, since the 1980s.

    This model allows banks and other financial institutions (BOFIs) to diversify their product offerings while earning supplementary revenue by using their existing distribution networks to collaborate with insurance firms.

    For insurance companies, this partnership provides an opportunity to expand their market reach and boost sales by utilizing the distribution channels of the BOFIs.

    “For customers, there is convenience, as BOFIs provide a one-stop-shop for all their financial needs including insurance products. In the case of Ghana, insurance companies have resorted to entering into partnership agreements with banks for the provision of Bancassurance products through the distribution channels of the latter”, the directive said.

    This model enables Regulated Financial Institutions (RFIs) to offer insurance products to their clients on behalf of an insurer, utilizing the RFI’s established distribution networks.

    Under this model, an RFI can partner with one life insurance company and one general insurance company. Customers, whether individual or retail, are given the freedom to choose their preferred product and insurer. Importantly, the model ensures that there is no sharing of risk between the RFI and the insurer.

    Additionally, the model aligns with the Bancassurance framework endorsed by the National Insurance Commission (NIC).

    “This Directive is therefore being issued to provide BOG’s regulatory expectations to the banking industry to ensure that inherent risks associated with the product is adequately managed by RFIs as well as to further smoothen and ensure a seamless implementation of the business of Bancassurance in Ghana between the banking and insurance sectors of the economy”, the BoG said.

    Regarding sanctions and corrective actions, the Bank of Ghana (BoG) stated that any Regulated Financial Institution (RFI) that fails to adhere to the stipulations of this Directive will be subject to an administrative penalty ranging from a minimum of two thousand penalty units to a maximum of ten thousand penalty units, as outlined in Section 92(8) of Act 930.

    Additionally, the BoG may impose other penalties or take any corrective measures deemed necessary, in accordance with the provisions of Act 930.

    “Without prejudice to the other penalties and remedial measures prescribed by Act 930, BOG may impose one or more of the following sanctions where any of the provisions herein are contravened:

    a. Suspend the RFI from engaging in Bancassurance business;

    b. Prohibit the RFI from further lending or taking further financial exposures, including investments, or capital expenditure;

    c. Restrict payment of bonuses or excessive compensation to the defaulting key management personnel or director; and d. Suspend defaulting person from office or declare that the relevant person is no longer a fit and proper person.

  • BoG to offer $120M in auction to BDCs in first quarter of 2025

    BoG to offer $120M in auction to BDCs in first quarter of 2025

    The Bank of Ghana (BoG) is set to conduct a foreign exchange auction of $120 million for Bulk Oil Distribution Companies (BDCs) in the first quarter of 2025, aimed at stabilizing the country’s fuel supply. 

    To facilitate this, the central bank has released a detailed auction schedule. The auction series will consist of six sessions, each offering $20 million, and will take place biweekly from January to March 2025. 

    The first auction is scheduled for January 14, with additional auctions on January 29, February 12, February 26, March 12, and March 26. 

    These auctions will be governed by the BoG’s established guidelines to ensure transparency and efficiency in the process.

    This initiative forms part of the BoG’s broader strategy to address foreign exchange demand pressures and stabilize the cedi, particularly within the downstream petroleum sector.

    In a press statement, the Bank of Ghana (BoG) emphasized that by providing Bulk Oil Distribution Companies (BDCs) with consistent access to foreign currency, the auctions are expected to facilitate the smooth importation of refined petroleum products, reduce supply disruptions, and promote price stability within the sector.

    “The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the first quarter of 2025.

    “In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email bogforwards@bog.gov.gh,” it added.

    Participants in the market, including authorized foreign exchange dealing banks and Bulk Oil Distribution Companies (BDCs), are required to submit their bids through the specified channels within the allotted timeframes. The outcomes of each auction will be disclosed on the same day, ensuring quick and clear communication with all relevant parties.

  • Total assets in banking sector surge by 3.4% to GHC367.2bn – BoG

    Total assets in banking sector surge by 3.4% to GHC367.2bn – BoG

    The Bank of Ghana (BoG) reports that total assets in the banking sector increased by 3.4% month-on-month to reach GHC367.2 billion in October 2024.

    This figure represents a significant 32.1% growth from January 2024, when total assets stood at GHC278.0 billion, underscoring the sector’s resilience and expansion over the year.

    The data, published in the BoG’s Summary of Economic and Financial Data – November 2024, highlights a steady month-on-month growth trajectory. Total assets rose from GHC316.0 billion in May to GHC328.1 billion in July and further to GHC355.0 billion in September before hitting the October peak.

    Similarly, total deposits, a critical component of the sector’s funding base, experienced consistent growth. Deposits increased by 3.4% month-on-month to GHC277.3 billion in October, up from GHC268.3 billion in September. From the year’s start in January, deposits surged by 27.3%, rising from GHC217.9 billion.

    Another key performance indicator, total advances, also exhibited significant growth. Advances grew by 3.2% month-on-month to GHC94.6 billion in October, up from GHC91.7 billion in September. Since January 2024, when total advances were GHC73.8 billion, the sector has recorded a substantial 28.2% increase.

    This steady rise reflects the banking sector’s growing role in financing economic activities, including businesses, households, and infrastructure projects, as well as growing public confidence in the financial system.

  • BoG reports $3.8bn trade surplus in October 2024

    BoG reports $3.8bn trade surplus in October 2024

    Ghana recorded a trade surplus of $3.8 billion by the end of October 2024, demonstrating sustained export growth despite global economic challenges.

    This milestone, highlighted in the Bank of Ghana’s November 2024 Summary of Economic and Financial Data, underscores the country’s resilience in maintaining a positive balance between exports and imports.

    The surplus was driven by strong performances in key export commodities, including gold, cocoa, and oil. Gold exports soared to $9.58 billion in October, up from $8.44 billion in September, marking a remarkable surge.

    Cocoa revenues also showed significant growth, increasing from $989 million in September to $1.15 billion in October, boosted by favorable global market conditions and improved supply chain efficiencies.

    Oil exports followed a similar trend, rising from $3.05 billion in September to $3.33 billion in October. Meanwhile, non-traditional exports contributed $2.45 billion, reflecting Ghana’s ongoing efforts to diversify its export portfolio.

    On the import side, total imports climbed to $3.68 billion in October, compared to $3.35 billion in September. Oil imports, a significant component, amounted to $8.99 billion by October, while non-oil imports reached $3.85 billion, indicating heightened domestic demand for goods and services.

    Despite the robust export performance, Ghana’s gross international reserves dipped slightly from $7.83 billion in September to $7.68 billion in October. However, the country maintained a stable import cover of 3.5 months, providing a crucial buffer against external economic shocks.

  • Value of MoMo transactions surge by GHC13.7 billion – BoG

    Value of MoMo transactions surge by GHC13.7 billion – BoG

    Data from the Bank of Ghana reports a significant increase in mobile money transactions, a proof of a significant hike in adoption of digital financial services nationwide.

    The total number of mobile money transactions increased from 705 million in September 2024 to 728 million in October 2024, indicating a substantial monthly increase.

    This growth was seen in the total value of transactions, which rose from GHS 284.9 billion to GHS 298.6 billion during the same period.

    However, the balance of float—the total funds held in mobile money accounts—experienced a decline, dropping from GHS 25.1 billion to GHS 24.2 billion.

    This surge in mobile money usage in October 2024 reflects favourable market dynamics, despite ongoing economic and regulatory hurdles, including calls for a reduction or elimination of the E-levy rate.

    Regarding mobile money interoperability, the total transaction value rose from GHS 2.5 billion to GHS 2.8 billion. The total number of interoperability transactions also increased, from 18.5 million to 19 million. Additionally, the transaction value of cheques cleared through mobile money grew from GHS 32.8 billion to GHS 38 billion, with the number of such transactions rising from 452,000 to 506,000.

    Meanwhile, the period also saw an increase in registered and active mobile money accounts. The number of registered accounts rose from 71.2 million to 71.9 million, while active accounts slightly increased from 23 million to 23.3 million. On the business side, while the number of registered Momo agents grew by 5,000 in one month—from 867,000 to 872,000—the number of active agents declined from 456,000 to 404,000.

    According to the report, the total transaction value under direct debit through the Automated Clearing House (ACH) increased from GHS 250.2 million to GHS 327.6 million, with the number of transactions rising from 53,000 to 84,000. Meanwhile, in terms of direct credit ACH transactions, the transaction value grew from GHS 10.3 billion to GHS 11.7 billion, and the total number of transactions increased from 785,000 to 874,000.

  • BoG’s inflation projections for 2025 shift amid mixed economic signals

    The Bank of Ghana’s latest assessment reveals a mixed outlook for Ghana’s economy, with inflation remaining a key concern. Inflation, initially expected to return to the 6–10% target band by the third quarter of 2025, is now forecast to stabilise within this range by the final quarter of the year. This adjustment reflects ongoing pressures from food and fuel price volatility, exchange rate fluctuations, and utility cost adjustments.

    Economic indicators suggest a recovery, with the Composite Index of Economic Activity recording a 2.2% annual growth in September 2024, reversing the contraction seen in 2023. Increased port activity, tourism, and private sector credit have contributed to this momentum. However, inflation remains a hurdle, with projections for 2024 averaging 20.1%, up from earlier estimates of 19%​​

    “Major drivers of the improvement in economic activity include increased port activity, households and firms consumption of goods and services , construction activities, credit to the private sector, and higher tourist arrivals. At the time of the last MPC meeting, average inflation forecast a year ahead which stood at 19.0 percent has increased slightly to 20.1 percent at this forecast round. The horizon for inflation to get back within the target band of 6 – 10 percent has slightly shifted forward to Q42025 from the original forecast period of Q32025,” the 121st MPC report stated.

    The International Monetary Fund (IMF) forecasts single-digit inflation by the end of 2025, marking a significant improvement from the current figures.

    The IMF also anticipates economic growth to accelerate from 2.8% in 2024 to 4.4% in 2025, buoyed by tighter monetary policy and structural reforms under the Extended Credit Facility programme. A Staff-Level Agreement expected to be approved this month is expected to pave the way for an additional $360 million disbursement before the end of the year, to hep bolster macroeconomic stability.

  • BoG maintains policy rate at 27% due to currency and inflationary pressures

    BoG maintains policy rate at 27% due to currency and inflationary pressures

    The Bank of Ghana’s (BoG) Monetary Policy Committee (MPC) has decided to keep the policy rate unchanged at 27%, they announced in a communiqué, an usual approach of often holding press briefings to announce such decisions.

    This follows a previous reduction from 29% in September 2024. The move is intended to stabilise inflation expectations and manage fluctuations in the exchange rate.

    The decision was made after the MPC assessed the latest economic conditions in the country.

    “Inflation projections show a slightly elevated profile driven by high and unstable food prices, pass-through of previous exchange rate pressures, fuel prices, and utility tariff adjustments. The price increases in food items have been steep in the course, and together with a fast-paced depreciating currency earlier on in the year, they have altered the inflation trajectory and stalled the disinflation process,” the MPC said in a press statement to announce the rate on Friday, November 29, 2024.

    According to the committee, it was observed that the upcoming elections and increased demand for foreign currency have temporarily caused the exchange rate to weaken, deviating from the country’s economic fundamentals.

    However, it expects the recent recovery of the cedi to continue as election-related uncertainties fade and the central bank boosts its foreign currency reserves.

    The committee also emphasised that current policies are aligned with the ongoing IMF program, highlighting the importance of addressing issues like the consistent depreciation of the cedi to prevent long-term inflation pressures.

    “At the time of the last MPC meeting, average inflation forecast a year ahead, which stood at 19.0 percent, has increased slightly to 20.1 percent at this forecast round. The horizon for inflation to get back within the target band of 6–10 percent has slightly shifted forward to Q42025 from the original forecast period of Q32025.

    In the near term, strengthening of the currency will augur well for future price developments. Under the circumstances, the Monetary Policy Committee decided to keep the policy rate unchanged at 27 percent,” the communiqué added.

    Inflation rose slightly in October 2024, reaching 22.1%, up from 21.5% in September. This increase was fuelled by higher prices for both food and non-food items.

    Although the government aims to reduce inflation to 15% by the end of the year, achieving this target seems challenging with just a month remaining and significant risks still in play.

  • BoG, forex bureau exchange rates for major currencies as at Nov 29

    BoG, forex bureau exchange rates for major currencies as at Nov 29

    Ghana’s local currency, the cedi, has strengthened against major currencies, especially the US dollar.

    As of November 29, 2024, the Bank of Ghana reported that the cedi is being bought at GH¢15.36 and sold at GH¢15.38 to the dollar.

    For the British Pound, the buying price is GH¢19.48 and the selling price is GH¢19.50. The Euro is being bought at GH¢16.21 and sold at GH¢16.22.

    According to checks by GhanaWeb Business at 10:00 AM on November 29, 2024, some forex bureaus are selling the US dollar for GH¢16.50, the British Pound for GH¢20.60, and the Euro for GH¢17.65.

    Despite this recent improvement, the cedi’s decline against major currencies in the past has added pressure to Ghana’s economy. To address this, the Bank of Ghana has sold more than 200 million dollars to stabilize the cedi. As a result, the exchange rate has improved from GH¢17.20 to GH¢15.90 to the dollar. This positive shift will likely help lower the cost of fuel and other goods in the country.

    See the Bank of Ghana and forex bureau rates below:

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  • Give incentivized loans for purchase of locally assembled cars – Volkswagen CEO tells BoG 

    Give incentivized loans for purchase of locally assembled cars – Volkswagen CEO tells BoG 

    The Chief Executive Officer of Volkswagen Ghana, Mr. Jeffery Oppong Peprah, has urged the Bank of Ghana to support key players in the automobile industry by introducing incentivised loan schemes for the purchase of locally assembled vehicles.

    Speaking at the launch of Volkswagen’s new product in Accra on November 28, 2024, Mr. Peprah emphasised that reducing interest rates on car loans could make locally assembled vehicles more accessible. 

    “Currently, when you go for a loan, you are paying about 30% interest rates, which is not affordable. We are appealing to the Bank of Ghana to implement a special incentive rate for locally assembled vehicles,” he stated.

    Car loan interest rates in Ghana are currently between 25% and 35%, significantly higher than in countries like South Africa, where rates typically range from 10% to 15%.

    Mr. Peprah believes that lower rates would encourage Ghanaians to purchase locally assembled vehicles, benefiting the economy.

    He also expressed support for Dr. Mahamudu Bawumia’s proposed credit scoring system, which he believes would allow locally assembling car companies to offer flexible payment plans. 

    This system, according to Mr. Peprah, would help assess buyers’ creditworthiness and facilitate salary deductions for loan repayments, enabling more individuals to afford new vehicles.

    In addition, Mr. Peprah highlighted the importance of integrating Ghana’s informal sector into the automobile industry to address the skills gap and improve industry standards.

    The event featured the launch of the Volkswagen Amarok, a vehicle designed for Ghana’s terrain, offering enhanced safety, power, and comfort tailored to local needs. 

    Key industry stakeholders attended the launch to review the new product’s features and discuss its potential impact on the market.

  • GHS11K to GHS45K gold coin launched by BoG

    GHS11K to GHS45K gold coin launched by BoG

    The Bank of Ghana (BoG) has officially launched the Ghana Gold Coin (GGC) as a new financial asset aimed at providing the public with more investment opportunities.

    As of November 26, 2024, the coins are available in three weights: 1.00 oz, 0.50 oz, and 0.25 oz, priced at GH₵45,020.48, GH₵22,409.74, and GH₵11,188.12, respectively.

    These prices are based on the previous day’s London Bullion Market Association (LBMA) PM gold price of $2,635.40 and the Bloomberg exchange rate of 15.7500 USD to GHS.

    Through this initiative, the BoG aims to offer the public an innovative investment option while enhancing the country’s portfolio of financial instruments.

    As part of the domestic gold program, the launch is designed to reduce excess liquidity in the market and strengthen the local currency against foreign currencies.

    This move is in line with the Bank of Ghana’s broader strategy to stabilize the economy and encourage investment in the nation’s gold reserves.