Tag Archives: BoG

The Bank of Ghana has suspended the Foreign Exchange Trading Licences of Guaranty Trust Bank Ghana Limited (GTB) and FBN Bank Ghana Limited (FBN), effective 18th March 2024, for one (1) month, in accordance with section 11 (2) of the Foreign Exchange Act 2006, (Act 723). In a statement, the …

The Bank of Ghana (BoG) has warned against transacting any form of business with some money transfer organisations that do not have the necessary approval from the Central Bank. In a statement issued by the Bank on November 16, 2023, it said “there are a number of Money Transfer Organisations …

The Bank of Ghana (BoG) has urged the general public to disregard reports suggesting that it is set to slap serious restrictions on holders of Foreign Exchange Accounts (FEA) and Foreign Currency Accounts (FCA).   According to reports, BoG is reportedly doing this in a bid to curb the rapid …

The Ghana cedi has hit the ¢11 mark as some forex bureaus in parts of Accra are selling a dollar at an average of ¢11.2 on Saturday, October 8, 2022. Checks by Joy Business indicate that the demand for the dollar keeps surging, as there is virtually little dollar in …

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Policy Rate by 250 basis point to 24.5%. This is the highest policy rate increase since 2017. The rate hike means it will become more expensive to borrow from the banks, a situation that will push …

The Bank of Ghana will sell a total of $420 million to Bulk Oil Distribution Companies via banks in the final quarter of this year, in its Foreign Exchange Auctions. This is higher than the amount it sold to the BDCs in the 3rd quarter of this year. According to …

Ghana’s Purchasing Managers Index (PMI) for August 2022 showed a contraction in business activity in the private sector as it declined to 45.9%, as against 48.8% in July 2022. This may soften the Bank of Ghana’s hawkish stance to curb inflation.   According to the Weekly Fixed Income Update by …

The Bank of Ghana (BoG) has warned the public not to engage the services of some 19 unlicensed entities for loans. The Central Bank said the operations of these institutions are in contravention of the Banks and Specialised Deposit-Taking Institutions Act, 2016.   The BoG in a press statement issued …