Introduction The Bank of Ghana’s announcement of selling gold coins through accredited institutions was received with great enthusiasm by the Ghanaian populace. The move was marketed as a bold step toward democratizing access to gold as an asset class and enabling ordinary Ghanaians to invest in a store of value.Continue Reading
Tanzania has scrapped all charges on card payments to encourage a shift towards digital transactions. The country’s central bank, the Bank of Tanzania (BOT) has issued a notice stating that payments made using debit, credit, or prepaid cards at point-of-sale machines will no longer attract charges. Merchants have also beenContinue Reading
The management of the Airports Company Limited (GACL) has shut down the McDan Aviation Private Jet Terminal due to an outstanding debt of over $3 million. The debt, which includes land leases, rentals, and terminal charges accumulated over a period, was not cleared despite being given until Christmas to settleContinue Reading
The government achieved about 9.0% oversubscription of treasury bills sales, barely a week after it recorded a marginal undersubscription. It got GH¢4.65 billion against a target of GH¢4.262 billion. All the bids tendered for the short-term instruments were accepted. A chunk of the bids came from the 91-day bill in whichContinue Reading
The Bank of Ghana is likely to trigger the Monetary Policy Consultation Clause (MPCC) if the country misses the central target of 18.0%+/-2. Inflation reached 23% in November 2024 and may go up marginally in December 2024. According to the Monetary Policy Consultation Clause (MPCC) for Ghana’s ongoing International MonetaryContinue Reading
The Bank of Ghana has issued the Large Exposures Directive for Banks, Savings and Loans, Finance Houses and Financial Holding Companies. The objectives of the directive are to limit the maximum loss that Regulated Financial Institutions (RFIs) can incur in the event of the sudden failure of a counterparty orContinue Reading
The outgoing Akufo-Addo administration has reiterated its claim of performing better relative to the administration it inherited when it comes to the economy as borne out by data from the Bank of Ghana and the Ministry of Finance on several key indicators. Government sources argue that despite the severe economicContinue Reading
The Board of Directors of the Agricultural Development Bank (ADB) Plc has explained that the renewal of a $750,000 contract this month is not exceptional but a normal process, necessary for the continuous provision of critical and essential services to the bank. The Board said in a statement that theContinue Reading
On Monday, December 23, security personnel of Electrochem Ghana Limited successfully intervened in an illegal mining operation within the company’s concession at the Songor Lagoon. The incident occurred during a routine patrol of the lagoon, which has undergone significant restoration under the company’s stewardship following years of environmental degradation causedContinue Reading
Total bids received for treasury bills auction in November 2024 was estimated at GH¢21.5 billion. This fell short of the government’s gross target of GH¢22.8 billion. The government allotted all bids to exceed the refinancing obligation by 8.3%. However, it fell short of the target by 5.5% with a sustainedContinue Reading