Browsing: Bank of Ghana

The report noted that the month of December 2023 saw the highest loss value for the year 2023

The report, which seeks to create awareness of fraud occurrences and trends identified within the reporting year with the view to promoting the soundness and integrity of the banking system, noted that these cases corresponded to a total loss value of approximately GH¢88 million in 2023 as compared to GH¢82 million in 2022, indicating an increase of about 7%.

Total exports increased by US$1.09 billion (13.4%) to US$9.23 billion, mainly on the back of strong growth in gold and crude oil exports.

The operation of the platform took effect on August 1, 2024, as contained in a statement signed by the Secretary (BoG). The statement indicated that, the initiative marks a milestone in the Bank’s efforts to ensure safe and sound operations of the foreign exchange business.

The decline in Ghana’s inward remittances has been validated by the Bank of Ghana that the newly licensed MTOs and 11 Fintech Companies have withheld approximately GH¢18 billion (US$ 3 billion) in 2022 and GH¢57 billion (US$ 5 billion) in 2023 at the expense of the country’s foreign currency reserves.

“A central bank doesn’t work towards making a profit. Its aim or its mandate is actually to keep prices stable”, the podcast revealed.

the Chamber’s member companies brought $4.2 billion into Ghana through commercial banks and the Bank of Ghana in 2023.

Apparently, the Central Bank MPC expects the disinflation process to continue, aiming for headline inflation to settle within the 13% to 17% range by the end of 2024.

The Central Bank claimed that, the sustained reduction in inflation since August 2023 can be credited to the proactive efforts and measures it took to address hyper inflationary and restore macro-economic stability. 

According to the Bank of Ghana, the favourable external developments and tighter monetary policy stance have resulted in a relatively stable of the Ghana cedi in the year so far.