News Guide Africa

Tag: Bank of Ghana (BoG)

  • GoldBod Record: 7.1 tonnes of gold refined locally in massive sector overhaul

    GoldBod Record: 7.1 tonnes of gold refined locally in massive sector overhaul

    By Adnan Adams Mohammed

     

    Ghana’s newly established Gold Board (GoldBod) has successfully processed 7.1 metric tonnes of domestically purchased gold through local refineries this year, marking a decisive shift toward domestic value addition in the nation’s precious minerals industry.

    Speaking on the sector’s recent progress, Chief Executive Officer of GoldBod, Sammy Gyamfi, highlighted the scale of local refinement achieved so far, framing it as a direct result of comprehensive reforms aimed at retaining value within the country.

    “7.1 metric tonnes of gold bought by GoldBod this year were refined in Ghana,” Gyamfi stated, pointing to the expanding operational capacity of domestic refining infrastructure.

    The achievement comes as the institutional framework governing Ghana’s gold trade undergoes significant restructuring following the conclusion of previous central bank initiatives.

    “The Domestic Gold Purchase Program was a Bank of Ghana initiative; it ended in March 2026,” Gyamfi explained, noting that GoldBod has since assumed a central role in streamlining purchase, regulatory, and export operations.

    To solidify these operational gains, GoldBod is rolling out a national data-tracking framework aimed at mapping the entire supply chain to curb illegal trade, enhance transparency, and maximize revenue collection.

    “Effort is underway to map, compile, and analyze comprehensive data on how gold moves through Ghana’s value chain from extraction sites to local buyers, refineries, and export markets,” Gyamfi added.

    Attributing the momentum to broader policy leadership, the GoldBod chief executive underscored the administration’s strategic focus on resource governance.

    “President Mahama has reset Ghana’s gold sector,” Gyamfi remarked, emphasizing that the combination of supply-chain tracking, local refining, and centralized oversight will secure greater economic returns for the country moving forward.

     

  • Strong reserves amid cedi recovery reassure investors …as BoG reinforces market stability

    Strong reserves amid cedi recovery reassure investors …as BoG reinforces market stability

    By Adnan Adams Mohammed 

     

    The Ghanaian business community and international investors are eyeing renewed stability in Ghana’s financial markets.

    This follows as the Bank of Ghana (BoG) highlights a robust US$12.9 billion foreign exchange reserve buffer, designed to shield business operations from external currency volatility and anchor long-term economic predictability.

    Speaking at a stakeholder engagement with the Sunyani business community, Bank of Ghana Governor Dr. Johnson Pandit Asiama assured investors that the country’s external position remains resilient, backed by five months of import cover and strong trade surpluses.

    “Our external sector has also remained resilient. Exports of gold and cocoa have performed strongly, helping Ghana record a higher trade surplus during the first half of the year,” Dr. Asiama told attendees. “Although higher global oil prices have increased our import bill, Ghana continues to maintain strong foreign exchange reserves of about US$12.9 billion, enough to cover five months of imports.”

    The Governor emphasized that maintaining a substantial reserve balance serves as a crucial anchor for investor confidence, equipping the central bank with the necessary leverage to intervene and maintain order in the domestic foreign exchange market during volatile periods.

    “These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market,” he added.

    Touching on currency performance, Dr. Asiama acknowledged that the Ghanaian cedi faced noticeable depreciation pressures earlier in the year as geopolitical instability, most notably escalating conflicts in the Middle East, disrupted global market dynamics. However, he reassured business leaders and investors that the cedi has since rebounded and stabilized.

    “The cedi experienced some pressure earlier this year because of global developments, particularly the conflict in the Middle East, but it has since recovered,” Dr. Asiama explained. “We remain committed to maintaining an orderly and well-functioning foreign exchange market.”

    Concluding his address, the BoG chief reiterated that the central bank will maintain proactive monetary policies to protect the cedi’s value, preserve macroeconomic stability, and foster a business-friendly environment conducive to long-term investment and economic growth.

     

  • Monetary stability and strong Q1 growth affirm robust outlook for business investment

    Monetary stability and strong Q1 growth affirm robust outlook for business investment

    By Adnan Adams Mohammed

     

    International and domestic investors are eyeing renewed opportunities in Ghana following the Bank of Ghana’s decision to hold its benchmark policy rate at 14 percent, backing a sharp 6.4 percent expansion in first-quarter economic output.

    Speaking to business leaders and financial stakeholders in Sunyani, Governor Dr. Johnson Pandit Asiama framed the monetary stance as a dual commitment: preserving macroeconomic predictability while creating an attractive, liquid environment for long-term private capital.

    The central bank’s decision comes against a backdrop of steady macroeconomic recovery, even as external risks, including persistent geopolitical tensions in the Middle East and fluctuating crude oil prices, continue to weigh on global financial markets.

    By anchoring the policy rate at 14%, the central bank aims to provide commercial institutions and private enterprise with predictable borrowing conditions, giving lenders room to trim interest margins without rekindling demand-pull inflation.

     

    Capitalizing on Strong Real-Sector Growth

    The economic footprint in the first quarter of 2026 presents a compelling case for commercial investment. Ghana’s GDP growth accelerated to 6.4%, up from 6.2% in the same period last year, lifted by broad gains in industrial production, services, trade, and a rebounding tourism sector.

    “I am also pleased to report that Ghana’s economy continues to grow. In the first three months of this year, the economy grew by 6.4%, compared with 6.2% during the same period last year,” Dr. Asiama announced, pointing to strengthening consumer and corporate confidence.

    For investors, the central bank’s decision to maintain the policy rate at 14% offers a stable baseline to price risk and deploy capital without the threat of sudden monetary tightening.

    “After carefully assessing our economic situation, the Committee decided to maintain the Monetary Policy Rate at 14.0%,” Dr. Asiama explained. “We took this decision because we believe it is the right balance. It will help keep inflation under control while supporting businesses, investment, and economic growth. At the same time, it gives us the flexibility to respond to changes in the global economy if necessary.”

    Private Credit Expansion Drives Market Opportunities

    A key indicator of investor activity is the dramatic growth in private sector credit, which surged 41 percent year-on-year. Lower borrowing costs and improved liquidity across commercial banks have unblocked credit channels, enabling companies to finance capital expenditure and market expansion.

    Dr. Asiama reassured institutional stakeholders that the financial sector is well-capitalized, resilient, and equipped to absorb external headwinds such as global oil price volatility and Middle East tensions.

    By keeping price stability intact while supporting a 41 percent boom in private credit, the central bank is positioning Ghana as an increasingly stable, high-yield destination for both direct and portfolio investments across West Africa.

     

  • BoG, CIB join forces to guard Ghana’s financial ecosystem

    BoG, CIB join forces to guard Ghana’s financial ecosystem

    Ghana’s central bank and its premier professional banking body have pledged a renewed, united front to fortify the nation’s financial sector against emerging risks, fraudulent practices, and shifting technological disruptions.

    The renewed alliance between the Bank of Ghana (BoG) and the Chartered Institute of Bankers (CIB Ghana) was finalized during a high-level strategic visit by CIB Ghana’s newly appointed Governing Council to the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, at Bank Square in Accra.

    The dialogue focused on embedding strict ethical standards, elevating professional capacity, and preparing the industry for complex challenges ranging from cybersecurity and digital assets to artificial intelligence and quantum computing.

    Elevating Standards Across the Financial Spectrum

    During the engagement, the incoming President of CIB Ghana, Dr. Ellen Ohene-Afoakwa, presented the Institute’s strategic roadmap aimed at fostering competent, future-ready banking professionals. She highlighted flagship initiatives such as the Branch CEO Programme, the Chartered Banker for Executive Leadership (CBEL) Programme, and nationwide ethics and fraud awareness certification campaigns.

    Dr. Ohene-Afoakwa emphasized that the leadership team is focused on upholding integrity and building institutional capacity ahead of major global events.

    “Our vision is centered on dialing up ethics and professionalism across all tiers of the banking sector, rebuilding the Bankers’ House, and successfully hosting a truly World Conference of Banking Institutes (WCBI),” Dr. Ohene-Afoakwa stated.

     

    Ghana is scheduled to host the international WCBI conference in Accra in 2028, offering a global platform to highlight the nation’s financial education ecosystem and showcase Africa’s contributions to modern banking development.

    Focus on Fraud Prevention and Community Banking

    Welcoming the delegation, Governor Dr. Johnson Pandit Asiama commended CIB Ghana’s proactive stance in supporting regulatory bodies and stakeholders, including the Ghana Association of Banks (GAB), to combat fraudulent activities and emerging operational risks.

    Dr. Asiama stressed that high ethical standards are non-negotiable for maintaining public trust in financial institutions, comparing the sector’s duty of care to that of essential public services.

    “Just as society expects unwavering competence and moral responsibility in the health sector, those working in the banking sector must consistently demonstrate high levels of professional skill, ethical conduct, and accountability,” Dr. Asiama remarked.

     

    The Governor outlined ongoing central bank efforts to enforce rigorous background verifications and drive reforms within community banking. He challenged CIB Ghana to expand its training and certification programs beyond mainstream commercial banks.

    “I encourage the Institute to extend its ethics and capacity-building frameworks to encompass community banks and the broader financial ecosystem to ensure holistic protection for depositors,” he added.

     

    The meeting concluded with both entities expressing confidence that deepened institutional collaboration will foster a secure, trusted, and ethically sound banking industry capable of driving sustainable economic growth across Ghana.

     

  • Cut bad loans to spur private sector credit – BoG to commercial lenders

    Cut bad loans to spur private sector credit – BoG to commercial lenders

    By Adnan Adams Mohammed

     

    Commercial banks operating in Ghana must step up credit extension to the private sector while aggressively cleaning up their balance sheets, the Bank of Ghana (BoG) declared in a broad policy enforcement drive aimed at spurring national economic recovery.

    Addressing financial sector leaders, the BoG Governor emphasized that avoiding lending under the guise of risk aversion undermines economic growth and hinders business development across the country.

    “Banks must learn to manage risk, not avoid lending,” the Governor stated, urging financial institutions to adopt robust risk-assessment frameworks that allow them to extend credit responsibly to key sectors of the economy.

    The central bank chief noted that while maintaining asset quality is critical, a complete freeze or excessive restriction on credit facilities deprives viable businesses of the capital needed to expand and drive national recovery.

     

    Warning Over Post-Commencement Financing

    In a related directive, the central bank issued a stern warning to financial institutions regarding financial engineering practices that obscure the true health of their loan books. Specifically, banks were cautioned against misusing post-commencement financing mechanisms to mask underperforming assets.

    “BoG warns banks against using post-commencement financing to conceal bad loans,” the Governor cautioned, highlighting that transparency in financial reporting remains non-negotiable.

    The central bank expressed concern that some institutions might be leveraging restructuring mechanisms and distress financing tools inappropriately to avoid provisioning for impaired assets, thereby presenting a misleading picture of their balance sheets.

    Target Set: 10% NPL Ratio by End of 2026

    To ensure stability and enforce discipline within the banking industry, the central bank has established a firm target for balance sheet cleanup over the next two years.

    The BoG Governor officially directed all commercial banks to reduce their Non-Performing Loan (NPL) ratios to a maximum of 10% by the end of 2026.

    “The Bank of Ghana has directed banks to reduce their Non-Performing Loan ratio to 10% by the end of 2026,” the Governor stated, underscoring that achieving this benchmark is vital for safeguarding depositors’ funds and restoring confidence in the banking sector.

    Financial analysts have welcomed the central bank’s firm stance, noting that bringing NPL levels down to targeted thresholds will lower the cost of credit, boost profitability, and ultimately allow banks to perform their core role of intermediation more efficiently.

    Banks are expected to submit detailed action plans outlining their strategies for loan recovery, write-offs, and risk mitigation to meet the mandatory deadline.

     

  • BoG cracks down on illegal digital lenders …Blacklists 20 unlicensed mobile loan Apps

    BoG cracks down on illegal digital lenders …Blacklists 20 unlicensed mobile loan Apps

    In a decisive move aimed at safeguarding consumers and protecting the integrity of the nation’s financial sector, the Bank of Ghana (BoG) has issued a stern warning to the public against engaging with unlicensed digital lending platforms, officially blacklisting unauthorized mobile loan applications operating within the country.

    The central bank confirmed that the illegal platforms operate in direct violation of the Banks and Specialised Deposit-Taking Institutions Act, 2016 (Act 930).

    According to regulatory authorities, these unauthorized operators exploit desperate borrowers by charging exorbitant interest rates, imposing hidden fees, and resorting to aggressive debt-collection practices that violate basic human rights and data privacy standards.

    Regulatory Warning

    In an official public notice released by the regulator, the central bank cautioned citizens against the severe risks associated with patronizing unregistered micro-lenders.

    “The persistent operation of unlicensed entities engaged in providing loans through mobile applications to the Ghanaian public is in direct contravention of Act 930,” the Bank of Ghana stated. “The activities of these entities significantly breach customer data and privacy laws, as well as consumer protection requirements, with unfavourable implications for the integrity and well-being of their patrons.”

     

    The central bank further instructed regulated financial institutions, payment service providers, and telecommunication networks to block access to these illegal operators immediately.

    “Banks, Specialised Deposit-Taking Institutions, and Payment Service Providers are strictly cautioned not to facilitate the illegal transactions of unlicensed loan applications,” the statement added.

     

    Public Reaction and Victims’ Experiences

    The crackdown comes following widespread public outcry regarding abusive debt-recovery tactics employed by predatory loan app operators. Many victims reported that after defaulting on short-term loans, these applications accessed their phone contacts without permission to send defamatory messages to family, friends, and employers.

    Kofi Mensah, a small business owner in Accra who fell victim to an illegal lending app, shared his ordeal:

    “I borrowed GH¢500 to restock my shop when business was slow. Within a week, the interest skyrocketed, and when I couldn’t pay immediately, they harvested all my phone contacts and sent text messages calling me a thief to everyone I knew,” Mensah said. “The central bank’s intervention is long overdue. These apps destroy lives and reputations overnight.”

     

    Financial analysts have also commended the regulator’s stance, emphasizing the need for stricter digital surveillance to prevent unverified financial apps from appearing on mobile app stores.

    Cybersecurity specialist and financial analyst Dr. Samuel Baidoo welcomed the crackdown but urged further collaboration with international technology giants:

    “Blacklisting these apps is a positive step toward consumer protection, but enforcement must be continuous,” Dr. Baidoo noted. “The BoG must partner closely with Google, Apple, and local telecommunication providers to ensure these illegal platforms are systematically removed from app stores and blocked from processing mobile money transfers.”

     

    Safe Alternatives for Borrowers

    The Bank of Ghana reiterated that legitimate digital credit services remain available through accredited financial institutions and authorized mobile network operators. Members of the public are strongly advised to verify the licensing status of any financial service provider on the central bank’s official website before initiating financial transactions or granting applications permission to access personal mobile data.

     

  • Ghana breaks into $100bn club as annual growth surges to 6%

    Ghana breaks into $100bn club as annual growth surges to 6%

    By Adnan Adams Mohammed 

     

    Ghana has officially entered a new economic era as robust macroeconomic performance propelled the country’s total Gross Domestic Product (GDP) past the $100 billion threshold, underpinned by a strong 6.0 percent economic expansion for the year.

    The significant growth acceleration up from 5.8 percent in the previous period reflects a comprehensive resurgence across the industrial, services, and agricultural sectors, cementing the West African nation’s position among the region’s top economic performers.

    Speaking on the broader economic trajectory and macroeconomic stability, members of the Bank of Ghana’s Monetary Policy Committee noted the positive shift in domestic economic sentiment.

    “In the domestic economy, economic activity has continued to improve… Real GDP growth was 6.0 percent in 2025, compared with 5.8 percent in 2024,” the Monetary Policy Committee stated in its official decision document. “The confidence surveys also reflected positive sentiments by both consumers and businesses, backed by favourable macroeconomic conditions and improved industry prospects.”

    The official review further pointed to strong fiscal discipline and building external buffers, which have underpinned the currency’s stability and fostered a favorable environment for business expansion.

    “Fiscal consolidation provides policy space. The primary fiscal balance swung from a deficit of 3.9 percent of GDP in 2024 to a surplus of 2.6 percent in 2025,” the committee added, highlighting that strengthened buffers have translated directly into relative stability across the foreign exchange market.

    Economists and policy leaders have pointed to strategic interventions in key industrial, digital, and SME sectors as critical drivers behind reaching the US$100 billion economy. Prior outline initiatives including targeted support for domestic businesses and financial technology ecosystems helped cushion market shocks and stimulate private sector-led growth.

    Addressing business leaders during economic reviews outlining national growth strategies, government officials emphasized that achieving robust, accelerated growth relied on structured policy execution.

    “What all analysts, from the IMF to the rating agencies agree on, is that the Ghanaian economy will grow even faster,” remarked Vice President Dr. Mahamudu Bawumia during a previous presentation outlining national economic targets. “Ghana is at the crossroads of a unique opportunity. Our economic situation is improving in line with targets. We have what it takes to build an even stronger, more robust, creative, and open economy.”

    With the economy breaching the $100 billion barrier and growth hitting 6.0 percent, focus now turns to maintaining long-term fiscal discipline, controlling inflation, and translating top-line GDP expansion into job creation and broader socio-economic development across the country.

     

     

     

  • BoG wages ‘War’ on coin rejections and currency “Spraying” at social events

    BoG wages ‘War’ on coin rejections and currency “Spraying” at social events

    By Adnan Adams Mohammed

     

    The Bank of Ghana (BoG) has issued a stern warning to the public, traders, and commercial operators against the rejection of legal tender coins and the widespread abuse of currency notes during public celebrations and social functions.

    The announcement comes in response to growing public complaints regarding business owners refusing small-denomination coins for transactions, as well as the increasing trend of “spraying” banknotes and using paper currency for ornamental bouquets at parties, weddings, and funerals.

    Legal Tender Mandate: Coins Must Be Accepted

    Addressing journalists during a press briefing, the Governor of the Bank of Ghana reaffirmed that all notes and coins issued by the central bank remain legal tender and must be honored across all trade and service transactions in the country.

    “The notes and coins we issue are legal tender for the payment of goods and services,” the Governor affirmed. “So long as these are genuine notes and coins from the Bank of Ghana, they should be accepted.”

     

    The central bank emphasized that rejecting valid coins issued by the authority constitutes a breach of currency regulations, adding that public sensitization campaigns will be stepped up to educate citizens and vendors on their legal obligations.

    Immediate Halt to Money “Spraying” and Currency Bouquets

    In a major policy shift targeting currency defacement and public mishandling of local tender, the central bank chief declared an immediate ban on the practice of spraying money on individuals at social gatherings, as well as crafting currency notes into gift bouquets or structural packages.

    “One practice we want to discourage is those who spray notes at functions,” the Governor declared. “We are going to make sure that practice is stopped immediately.”

     

    The Governor warned that formal administrative notices have already been served and that the central bank, in collaboration with relevant law enforcement agencies, will strictly enforce compliance across the country to protect the physical integrity and dignity of the national currency.

    “Notice has been issued, and we are going to ensure that we enforce that practice is discontinued,” the Governor added.

     

    The Bank of Ghana reiterated that proper handling of currency is essential to extending the lifespan of physical banknotes, reducing government re-printing costs, and maintaining public respect for national economic symbols.

     

  • Policy Rate held at 14% … amid rising global energy pressures and robust domestic growth

    Policy Rate held at 14% … amid rising global energy pressures and robust domestic growth

    By Adnan Adams Mohammed 

     

    The Monetary Policy Committee (MPC) of the Bank of Ghana has unanimously voted to maintain the Monetary Policy Rate at 14.0%, citing the need to safeguard price stability while navigating heightened global uncertainty caused by renewed geopolitical conflicts in the Middle East.

    The decision was announced following the committee’s 131st regular meeting, held from July 20 to 22, 2026, where members reviewed global and domestic macroeconomic developments and evaluated risks to the country’s inflation and growth outlook.

    Addressing journalists during the policy announcement, the central bank highlighted that renewed conflict in the Middle East has reignited volatility across global energy markets, leading to supply chain disruptions and a rebound in crude oil prices above $85 per barrel.

    “The easing of geopolitical tensions around mid-June proved short-lived. The renewed escalation of the conflict has led to another closure of the Strait of Hormuz and triggered instability in energy markets,” the MPC statement revealed. “Disinflation trends in several countries have stalled as energy prices have risen sharply, prompting many central banks to pause their monetary policy easing cycles in response to emerging inflationary risks.”

     

    Despite these headwinds, global economic activity has shown resilience, supported by substantial investments in artificial intelligence within the United States and China, leading the International Monetary Fund (IMF) to project global growth at 3.0% for July 2026.

    Strong Real Sector Growth and Credit Expansion

    On the domestic front, the central bank painted a picture of robust economic momentum, driven by strong growth in the services and industry sectors. Real GDP expanded by 6.4% in the first quarter of 2026, up from 6.2% recorded in the corresponding quarter of 2025.

    Furthermore, the Bank’s Composite Index of Economic Activity (CIEA) recorded a year-on-year growth of 13.4% in May 2026, compared to 4.4% in May 2025. This expansion was further bolstered by significant easing in credit conditions across the banking sector. The benchmark 91-day Treasury bill yield dropped to 5.3% in June 2026 from 14.7% a year earlier, while average commercial bank lending rates fell to 15.6% from 27.0%.

    In response to cheaper borrowing costs, private sector credit growth expanded sharply by 41.2% year-on-year in June 2026 (34.1% in real terms), compared to 8.6% recorded in June 2025.

    “The latest confidence surveys conducted in June 2026 showed positive consumer and business sentiments, supported by optimism about growth prospects, subdued inflation, and declining lending rates,” the committee noted.

     

    Inflation Uptick Driven by Base Effects and Transport Costs

    Headline inflation saw a moderate uptick, rising to 5.3% in June 2026 from 3.7% in May 2026, driven by higher food (3.9%) and non-food (6.3%) prices following temporary hikes in transport fares and base effects. However, the MPC emphasized that inflation remains well below the lower bound of the central bank’s medium-term target band (8\% \pm 2\%).

    “The July forecast remains broadly unchanged from the previous MPC round, with headline inflation projected to rise gradually into the target band,” the MPC stated. “Potential upward adjustment in utility tariffs, together with escalating geopolitical tensions in the Middle East and the associated increase in crude oil prices, present upside risks to the inflation outlook.”

     

    Robust External Sector and Banking Solvency

    Ghana’s external position remained firm, supported by high export earnings from cocoa and gold. The trade surplus widened significantly to $8.8 billion in the first half of 2026, up from $5.8 billion in the same period in 2025, while the current account surplus rose to $5.1 billion.

    Gross International Reserves stood at $12.9 billion at the end of June 2026 equivalent to 5.0 months of import cover providing an adequate buffer against external shocks despite higher energy import costs. On the currency market, the Ghana Cedi experienced a year-to-date depreciation of 9.5% against the US dollar as of July 17, 2026, after facing demand pressures in May.

    The banking sector also demonstrated strength, with total industry assets expanding by 30.7% to GH¢502.4 billion, while the Capital Adequacy Ratio (CAR) doubled to 20.4% from 10.6% in June 2025. Non-performing loans (NPLs) improved, declining to 16.1% from 23.1% over the same period.

    Unanimous Stance to Hold Rate

    In concluding its deliberations, the committee determined that maintaining the policy rate at 14.0% balances the need to anchor inflation expectations while supporting ongoing recovery in the real sector.

    “Given these considerations, the committee, by a unanimous decision, maintained the monetary policy rate at 14.0%,” the central bank announced. “The committee judged that the current policy stance remains appropriate to guide inflation into the medium-term target band while allowing time to assess the evolving geopolitical developments and their potential impact on the domestic economy.”

     

    The next regular meeting of the Monetary Policy Committee is scheduled for September 22 to 24, 2026, where the central bank will re-evaluate its stance based on new economic data.

     

  • BoG to sell remaining ADB and NIB shares, clamp down on currency abuse

    BoG to sell remaining ADB and NIB shares, clamp down on currency abuse

    By Adnan Adams Mohammed

     

    The Bank of Ghana (BoG) has taken a decisive stance to fully divest its residual holdings in commercial banks, including the Agricultural Development Bank (ADB) and National Investment Bank (NIB), reinforcing its primary mandate as an independent industry regulator.

    Addressing journalists and media executives during an interactive session following the Monetary Policy Committee (MPC) meetings, the Governor of the Bank of Ghana outlined major policy updates covering state divestments, climate-risk banking frameworks, currency enforcement, and monetary policy dynamics.

    Exit from Commercial Banking Ownership

    Clarifying the central bank’s strategy regarding state-owned and commercial financial institutions, the Governor confirmed that the BoG Board has formally resolved to sell off its remaining equity stakes in ADB and NIB.

    “We still have some residual shares about 13% in ADB. The Bank of Ghana Board has taken the decision that we should dispose of that shareholding, and with time, later this year, that will be done,” the Governor stated. “In NIB, we have just around 1% shareholding. That will also be disposed of. Bank of Ghana certainly will get out of the space. We are a regulator and will continue to be a regulator in that regard.”

     

    Discipline, Consensus, and Interest Rate Trajectory

    On monetary policy voting mechanics and the committee’s decision-making process, the Governor clarified that recent policy holds stem from exhaustive risk assessments by all seven MPC members balancing global economic shocks against domestic recovery.

    “Talking about inflation and growth, it is the balance of those two types of factors and where they are tilting towards that informs the decision,” the Governor explained. “There are seven of us. Since last year, we’ve moved on to not just a consensus, but towards a majority decision. So the decision is based on what the majority decides, and that becomes binding on everybody.”

     

    Reaffirming the central bank’s broader long-term objective regarding credit accessibility, the Governor expressed optimism that borrowing costs will decline once current external pressures clear.

    “Lower interest rates are good for everyone. Private sector people can borrow lower. We are still committed to that; we want to see businesses access cheaper funding so they can expand and create jobs,” the Governor assured. “When these global shocks edge out, we will see a return to that lower interest trend.”

     

    Climate Risks, Unclaimed Balances, and Local Sentiment

    Addressing concerns over environmental sustainability, the central bank emphasized that recent severe flooding across parts of the country underscores the necessity of integrating climate risks into corporate lending decision-making. Commercial banks face a compliance timeline running through 2027 to implement these green framework guidelines.

    “The experience with recent flooding proves that we need to take these risks seriously going forward,” the Governor stressed. “We will do that as a central bank to make sure that credit decisions made by commercial banks always integrate environmental concerns.”

     

    Regarding recent shifts in consumer and business confidence surveys, the Governor described the shift as marginal and largely reflective of wider global financial instability, while encouraging formal legal applications for official inquiries into unclaimed bank balances.

    Crackdown on Coin Rejections and Currency “Spraying”

    Addressing public reports regarding traders and individuals refusing legal tender coins, as well as the mishandling of paper currency at public functions, the Governor issued a firm warning on upcoming enforcement drives.

    “The notes and coins we issue are legal tender for the payment of goods and services. So long as these are genuine notes and coins from the Bank of Ghana, they should be accepted,” the Governor affirmed.

     

    The central bank chief further announced an immediate halt to public currency abuse, specifically targeting money “spraying” and currency bouquets at celebrations.

    “One practice we want to discourage is those who spray notes at functions. We are going to make sure that practice is stopped immediately,” the Governor declared. “Notice has been issued, and we are going to ensure that we enforce that practice is discontinued.”