The Ghana cedi strengthened across the major currencies last week amid thin forex liquidity as yuletide demand appeared to have waned. The Bank of Ghana sold US$20 million to Bulk Oil Distributors at a forward rate of GH¢14.7690/$ compared to GH¢14.8133/$ in the previous auction, indicating slowing demand pressures. WithoutContinue Reading
The Ghana Airports Company Limited (GACL) has reaffirmed its commitment to recovering debts owed by companies operating at the Kotoka International Airport, including what it describes as significant arrears owed by McDan Company Limited, as part of its regular debt collection exercise. In a press statement, GACL outlined its ongoingContinue Reading
McDan Aviation, a subsidiary of the McDan Group, has expressed disappointment over the decision by the Ghana Airports Company Limited (GACL) to restrict access to its aviation terminal. The company, in a statement issued by its CEO, Kwaku Ampronfi, described the move as unexpected, particularly as discussions to resolve relatedContinue Reading
The Governor of the Bank of Ghana, Dr. Ernest Addison and his two deputies, Dr Maxwell Opoku-Afari (First Deputy Governor) and Elsie Addo Awadz (Second Deputy Governor) were among award winners at the National Honours Ceremony yesterday December 30, 2024. Governor Ernest Addison received an Order of the Star ofContinue Reading
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