Saturday, June 13

Tag: Bank of Ghana

Policy Rate At 14%: Middle East Crisis Is The Elephant In The Room – BoG Boss
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Business

Policy Rate At 14%: Middle East Crisis Is The Elephant In The Room – BoG Boss

The Governor of the Bank of Ghana, Johnson Pandit Asiamah, has defended the decision by the Monetary Policy Committee (MPC) to maintain the policy rate at 14 percent, insisting that lingering geopolitical tensions in the Middle East continue to pose serious risks to Ghana’s inflation outlook and economic stability. Responding to questions from journalists during the 130th MPC press briefing in Accra yesterday, Dr. Asiamah described the ongoing Middle East conflict as the “elephant in the room” influencing the central bank’s cautious policy stance. According to him, although current economic indicators suggest there is room for further monetary easing, the MPC decided to pause and monitor developments because of uncertainties surrounding the global crisis. “The committee evaluated ...
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BoG authorises FX brokers and cross-border providers for 2026  
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BoG authorises FX brokers and cross-border providers for 2026  

The Bank of Ghana has authorised 12 foreign exchange brokers and three cross-border payment providers to operate in the Ghana Interbank FX market in 2026.   The authorisation is in line with Section 3.13.1 of the Ghana Interbank Forex Market Conduct Rules, which requires local and international FX brokers to obtain annual approval to operate in the market.   The newly authorised FX brokers are IC Securities, SIC Brokers, Serengeti Limited, Sarpong Capital, Terika Financial Services Limited, Savvy Africa, GFX Brokers, Regulus, MB&CO Capital Limited, ICAP, Obsidian Achernar and TAW Impact Capital.   Crown Agents Bank, CSL Capital and StoneX Financial Limited have also been authorised to operate as cr...
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BoG exempts informal cross-border traders from LOC requirement   
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BoG exempts informal cross-border traders from LOC requirement   

The Bank of Ghana has exempted informal cross-border traders from the requirement to obtain a Letter of Commitment (LOC).    In a public notice, the Bank outlined guidelines on the use of the LOC for exports, stating that traders engaged in informal cross-border transactions are not required to secure the document.    The guidelines indicated that the LOC, generated through the Integrated Customs Management System (ICUMS), is mandatory only for formal exporters who receive foreign exchange proceeds, are resident in Ghana, are licensed by relevant government agencies, and hold a valid Tax Identification Number.    It explained that traders conducting business with buyers from neighbouring countries such as Côte d’Ivoire, T...
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Parliament Passes Virtual Asset Service Providers Bill
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Technology

Parliament Passes Virtual Asset Service Providers Bill

Parliament has passed the Virtual Asset Service Providers (VASPs) Bill, marking a major step toward the regulation of virtual assets in Ghana. The passage of the Bill establishes a comprehensive legal framework for overseeing virtual asset activities and the entities that provide related services. In a statement, the Bank of Ghana announced that the new law will require persons and entities engaged in virtual asset activities to obtain the appropriate licensing or registration. Depending on the nature of the activity, regulatory oversight will fall under either the Bank of Ghana or the Securities and Exchange Commission (SEC). Although the Act has been passed, its effective date is yet to be announced. The Bank of Ghana and the SEC indicated that, in the coming months, they will issu...
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Bank of Ghana Governor Outlines 2026 Priorities After High-Level Meeting with Financial Sector Leaders
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Bank of Ghana Governor Outlines 2026 Priorities After High-Level Meeting with Financial Sector Leaders

The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has reaffirmed the central bank’s commitment to deepening financial stability and supporting long-term economic competitiveness, following a high-level engagement with leaders of Ghana’s banking and financial sector. Speaking after the meeting, Dr Asiama noted that 2025 had been a year of deliberate reform, marked by efforts to restore discipline, strengthen resilience, and rebuild confidence across the financial system. He explained that the engagement provided an opportunity to take stock of progress made and to reflect on how renewed stability can now be responsibly deployed to support financial intermediation, export growth, and sustainable competitiveness. The Governor recalled that when the current administration assu...
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Governor of Bank of Ghana Meets Commercial Bank CEOs, Highlights Economic Recovery
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Governor of Bank of Ghana Meets Commercial Bank CEOs, Highlights Economic Recovery

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, on Tuesday evening held his final Post–Monetary Policy Committee (MPC) engagement of the year with Chief Executive Officers of Ghana’s commercial banks, reaffirming government and central bank commitment to sustained macroeconomic stability. Addressing the meeting, Dr. Asiama noted that Ghana’s economy has shown clear signs of recovery after a challenging period, attributing the progress to discipline, strong coordination, and shared efforts between the central bank, government, and the financial sector. According to the Governor, inflation is easing and market confidence is gradually returning, developments which have informed the MPC’s decision to set the policy rate at 18 percent. He explained that the current rate refl...
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Payment systems interoperability promotes efficiency, improved access to financial services-BOG  
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Payment systems interoperability promotes efficiency, improved access to financial services-BOG  

Dr Zakari Mumuni, First Deputy Governor, Bank of Ghana, says empirical research and lived experience have proven that payment systems interoperability promotes efficiency, convenience and improved access to financial services.   He said, however, alongside these gains were a set of concerns that called for collective attention.   Dr Mumuni was speaking at the stakeholder workshop on the draft National Payment Systems Strategy (2025–2029).   He said the emergence of dominant digital platforms raised important questions about market competition, inclusiveness, financial stability, and resilience of payment systems.   The First Deputy Governor said over the past five years, under the National Payment Systems Strategy (2019–2024), Ghana had made remarkable progress i...
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Government announces GHS75.70 billion treasury issuance for Q4 2025 
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Government announces GHS75.70 billion treasury issuance for Q4 2025 

The Government, through the Bank of Ghana (BoG), has announced plans to issue GHS75.70 billion in treasury securities from October to December 2025.  The issuance forms part of a broader strategy to revitalise the domestic capital market and enhance predictability and transparency in public financing.  According to the BoG, the financing plan for the quarter includes Treasury Bills and Bonds, in line with the Public Debt Management Office’s objective of lengthening the maturity profile of public debt.  The issuance calendar, prepared based on projected domestic maturities and the revised Net Domestic Financing (NDF) outlined in the 2025 Mid-Year Fiscal Policy Review, is intended to guide market participants in their investment decisions.  Of the total gross issua...
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BoG revises forex bureau licence renewal fee to GHS2,000 
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BoG revises forex bureau licence renewal fee to GHS2,000 

The Bank of Ghana (BoG) has revised the biennial licence renewal fee for all licensed Foreign Exchange Bureaux (FEBs) from GHS500 to GHS2,000.  The central bank announced the adjustment in a public notice dated October 24, 2025, stating that the revision formed part of ongoing regulatory reforms to strengthen oversight and ensure operational sustainability within the sector.  According to the BoG, the revised fee takes immediate effect and applies to all licensed FEBs.  The Bank reminded all FEBs that licence renewals are required every two years and must be submitted at least two months before the current licence expires.  The directive is in accordance with Section 10 of the Foreign Exchange Act, 2006 (Act 723) and Paragraph 8 of the Revised Forex Bureau Regula...
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BoG pledges to empower media to tackle mis/disinformation in digital economy
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News

BoG pledges to empower media to tackle mis/disinformation in digital economy

The Bank of Ghana (BoG) has ended a two-day training workshop for selected media practitioners, with a pledge to empower the media to tackle the growing misinformation and disinformation in the digital space. Mr Bernard Ato Otabil, the Director of Communications of the BoG who gave the pledge noted that misinformation and disinformation threatened the digital economy, hence the need to enlighten the media about emerging financial and economic issues to deepen their understanding. The workshop held in Sunyani, was attended by media practitioners drawn from the Bono, Bono East and Ahafo Regions and among other objectives sought to sharpen their skills, build their capacities to better understand and report accurately on the economy. Mr Otabil explained that training was in line with...
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