Latest news with #BankofGhana
Zawya
3 days ago
- Business
- Zawya
MKS PAMP to Participate at Mining in Motion as Bronze Sponsor
The Mining in Motion 2025 Summit – Ghana's premier gathering for mining stakeholders - welcomes global precious metals trading and investment firm MKS PAMP as a bronze sponsor. Taking place on June 2 - 4, 2025 in Accra, the summit will serve as a platform for MKS PAMP to showcase its growing contributions to Ghana's mining sector, particularly its support for responsible and inclusive gold supply chains. As a sponsor, MKS PAMP will take part in high-level panel discussions, highlighting innovative financing models aimed at empowering Ghana's artisanal and small-scale gold mining (ASGM) sector. The company's global operations - spanning sourcing, refining, trading, and supplying of precious metals - include a strong focus on Ghanaian gold, contributing to both local industry growth and the stability of global gold supply. Through its partnership with the Bank of Ghana, MKS PAMP is actively supporting ASGM operators by providing financial and technical assistance. The partnership is designed to help small-scale miners transition into the formal gold market, ensuring they benefit from global trading standards while enhancing traceability and compliance. In addition to supporting small-scale miners, MKS PAMP also works with large-scale operators to reinforce transparency across the value chain. In a notable collaboration with Newmont Corporation - which operates the Ahafo and Akyem Mines in Ghana - MKS PAMP launched mine-to-market traceable gold bars. The solution enables consumers to track the origin of their gold while offering regulators and stakeholders confidence in the transparency and ethical sourcing of monetized resources. At Mining in Motion, MKS PAMP will delve deeper into these contributions through participation in exclusive networking sessions and project showcases, engaging with local, regional, and international partners. The firm's participation at Mining in Motion reflects a broader commitment to supporting sustainable development, responsible sourcing, and emerging investment opportunities within Ghana's expanding gold sector. Organized by the Ashanti Green Initiative – led by Oheneba Kwaku Duah, Prince of Ghana's Ashanti Kingdom – in collaboration with Ghana's Ministry of Lands and Natural Resources, World Bank, and the World Gold Council, with the support of Ghana's Ministry of Lands and Natural Resources, the summit offers unparalleled opportunities to connect with industry leaders. Stay informed about the latest advancements, network with industry leaders, and engage in critical discussions on key issues impacting small-scale miners and medium- to large-scale mining in Ghana. Secure your spot at the Mining in Motion 2025 Summit by visiting For sponsorship opportunities or delegate participation, contact Sales@ Distributed by APO Group on behalf of Energy Capital&Power.
Business Recorder
23-05-2025
- Business
- Business Recorder
Ghana central bank keeps rate unchanged as inflation eases
ACCRA: Ghana's central bank on Friday kept its main interest rate unchanged at 28.00%, saying consumer inflation was expected to ease further this year. Governor Johnson Asiama said at the opening of the monetary policy committee meeting on Wednesday that while the inflation outlook was improving, it remained vulnerable to food supply constraints and external price shocks. Consumer price inflation slowed for a fourth month in a row in April, to 21.2% year on year from 22.4% in March. It remains well above the Bank of Ghana's targets of 8% with a margin of error of 2 percentage points. The gold, oil, and cocoa-producing West African nation is recovering from its most severe economic crisis in decades, facing challenges in its critical cocoa and gold industries.
Coin Geek
23-05-2025
- Business
- Coin Geek
Ghana, Rwanda, Singapore launch cross-border payments scheme
Getting your Trinity Audio player ready... Ghana, Rwanda, and Singapore have partnered to launch a new cross-border payments system that will enable smooth and cost-effective transfer of funds across African nations. Known as the Next-Gen Digital Payment Infrastructure, the new system is a collaboration between the Bank of Ghana (BoG), the National Bank of Rwanda (NBR), and the Global Financial Technology Network (GFTN), an initiative by the Monetary Authority of Singapore (MAS) to expand the nation's fintech ecosystem globally. Formally known as Project 54, the system was unveiled at the 3i Africa Summit 2025 Policy Forum in Accra. In his presentation at the event, BoG Governor Johnson Asiama noted that the new system will accelerate interoperability across the continent's financial systems, easing the movement of value. 'This initiative aims to modernise Africa's cross-border payment ecosystem through a central bank-led, innovation-enabled approach co-developed with fintechs and financial institutions,' he stated. Africans have long endured very high charges and slow transactions when moving funds across the region, even between nations that share borders. A majority of cross-border transactions are settled in Western currencies, especially the U.S. dollar, requiring a network of correspondent banks that drive up the costs. While payments within Africa have been tedious and expensive for decades, little has been done to improve them. This is mainly due to the low intra-African trading, which leads governments to focus on solutions that cater to payments with other regions. In 2023, only 15% of the continent's total trading volume was intra-African; in stark contrast, intra-regional trade in Asia stood at 60%, while the EU's was 70%. The new project aims to change this and provide 'a seamless, trusted and efficient cross-border payment system,' stated John Rwangombwa, the governor of Rwanda's central bank, in a speech earlier this year. 'This project is designed to challenge this narrative by creating a system that facilitates instant, low-cost, and secure payments across African borders. This initiative is not just about the technology; it is about economic empowerment, financial resilience, and ensuring that Africa's digital economy is built on an infrastructure that meets the needs of businesses and individuals alike,' he added. Ghana's Asiamah concurred, noting that Africa's future lies in being a unified yet dynamic economic bloc where value moves smoothly across borders. He noted that financial technologies and digital assets have proven that Africans can send money across borders in minutes and at a fraction of the cost and that the interest in such systems is high. Asiamah further pointed out that Africa has become a global leader in mobile money, and this leadership must translate into other financial systems. The latest industry report by GSMA revealed that Sub-Saharan Africa hit $1.1 trillion in transaction value last year, accounting for over two-thirds of all global mobile money value. The region also hit 80 billion transactions, which was 74% of the global volume. Economic research is crucial to advancing digital payments: Rwanda's central bank In Rwanda, the central bank has reiterated the need to conduct economic research to support the development of digital payments in the East African nation. Speaking during the recent Annual Research Conference in Kigali, Deputy Governor Justin Nsengiyumva lauded the progress the country has made in recent years in making digital payments inclusive, resilient, and accessible. It all wouldn't have been possible without the dedicated work that the country's researchers have engaged in, he added. 'In this rapidly evolving environment, economic research becomes indispensable. It enables us to deepen our understanding of the drivers behind the transformation in payment systems and their broader economic implications,' stated Nsengiyumva. Rwanda's digital payments have skyrocketed over the past six years, with the country's National Strategy for Transformation (NST1), which was inaugurated in 2018, being credited for the growth. According to Nsengiyumva, digital payments hit 300% of gross domestic product (GDP) last year against a target of 80%. He also noted that financial inclusion is now at 96%. However, the Rwandan regulator admitted that the country still faces some challenges in digital payments. 'Challenges such as ensuring data protection and privacy, strengthening cybersecurity, achieving seamless interoperability, and designing regulatory frameworks that balance innovation and system stability must continue to be addressed,' he stated. Watch: Tech redefines how things are done—Africa is here for it title="YouTube video player" frameborder="0" allow="accelerometer; autoplay; clipboard-write; encrypted-media; gyroscope; picture-in-picture; web-share" referrerpolicy="strict-origin-when-cross-origin" allowfullscreen="">
Bloomberg
23-05-2025
- Business
- Bloomberg
Ghana Set to Hold Key Rate to Hasten Disinflation
Ghana's central bank is set to continue its tight monetary policy stance to hasten the pace of disinflation toward its year-end target. Governor Johnson Asiama will probably maintain the key interest rate at 28% when he delivers the monetary policy committee's decision shortly after 3 p.m. Accra time on Friday, according to economists polled by Bloomberg.
Reuters
21-05-2025
- Business
- Reuters
Ghana's central bank to assess interest rate impact on inflation, says governor
ACCRA, May 21 (Reuters) - Ghana's central bank will assess whether its current monetary policy stance is enough to continue driving consumer inflation lower, governor Johnson Asiama said on Wednesday. The Bank of Ghana raised its interest rate (GHCBIR=ECI), opens new tab in a surprise decision in March after a marginal decline in inflation in February. However, the bank said it would later reassess the scope for monetary policy easing. In opening remarks of the bank's monetary policy committee meeting ahead of a rate decision expected on Friday, Asiama said multiple factors such as the foreign exchange rate and market confidence would be considered by committee members. "As we approach our deliberations, we must carefully assess whether the current monetary policy stance remains adequate to drive disinflation without undermining the fragile growth momentum," Asiama said. "The inflation outlook, while improving, remains vulnerable to second-round effects," he added. Consumer price inflation slowed for a fourth month in a row in April, to 21.2% year on year from 22.4% in March. It remains well above the Bank of Ghana's targets of 8% with a margin of error of 2 percentage points. Asiama said that inflation continued to be affected by food supply constraints in northern Ghana and in the Sahel region, while commodity prices are affected by volatile global markets.
