Latest news with #BankofGhana
Reuters
6 days ago
- Business
- Reuters
Ghana's central bank will discuss key rate in 10 days, governor says
ACCRA, July 17 (Reuters) - Ghana's central bank held an emergency meeting on Thursday to review economic data and market developments, but did not discuss its key policy rate, Governor Johnson Asiama said, adding the main meeting is in 10 days. In a statement released late on Wednesday, the Bank of Ghana said it would announce its policy decision the day after the special session. The central bank's fourth rate-setting Monetary Policy Committee meeting for the year had initially been slated to start on July 28, with the rate decision expected on July 30. At a Thursday event in the capital, Accra, the central bank governor said that members of the MPC had not discussed the policy rate at the emergency meeting. They met to "review numbers and also take stock of some of the developments in the markets to get a sense of what is going on and what our options are ahead of their meeting," Asiama said. The governor added that the Monetary Policy Committee will reconvene in 10 days to work on a policy statement. The Bank of Ghana last held a scheduled MPC meeting in May, where it opted to maintain the policy rate at 28.0%, maintaining its tight monetary policy as inflationary pressures continued to ease due to exchange rate stability and fiscal consolidation. Ghana's consumer price inflation slowed for the sixth month in a row to 13.7% in June, its lowest level since 2021, while the bellwether producer price inflation fell to 5.9% year-on-year in June compared with 10.2% the previous month. The finance minister is expected to present the cocoa-, gold-, and oil-producing West African nation's mid-year fiscal policy review on July 24.
Bloomberg
6 days ago
- Business
- Bloomberg
Ghana Seen Slashing Rate as Yields Drop Ahead of Urgent Meeting
Ghana's central bank could deliver a sharp cut in interest rates at a meeting it pulled forward to this week, after inflation cooled significantly in the West African nation. The Bank of Ghana announced late Wednesday that policymakers would hold an 'emergency' meeting on Thursday and deliver their decision on Friday, shifting the date forward from July 30. The bank declined to comment beyond its announcement.
Reuters
6 days ago
- Business
- Reuters
Ghana's central bank convenes emergency MPC meeting
ACCRA, July 17 (Reuters) - Ghana's central bank convened an emergency meeting of its Monetary Policy Committee on Thursday to assess recent economic developments, the bank said in a statement. The Bank of Ghana's fourth rate-setting MPC meeting for the year had initially been slated to start on July 28, with the rate decision expected on July 30. In a statement released late Wednesday, the central bank said the MPC would "review recent developments in the economy" during the special session. The outcome of the meeting, including any policy decisions, will be announced on Friday. The Bank of Ghana last held a scheduled MPC meeting in May, where it opted to maintain the policy rate at 28.0%, maintaining its tight monetary policy as inflationary pressures continued to ease due to exchange rate stability and fiscal consolidation. Ghana's consumer price inflation slowed for the sixth month in a row to 13.7% in June, its lowest level since 2021, while the bellwether producer price inflation fell to 5.9% year-on-year in June compared with 10.2% the previous month. The finance minister is expected to present the cocoa-, gold-, and oil-producing West African nation's mid-year fiscal policy review on July 24.
Business Insider
15-07-2025
- Business
- Business Insider
Africa's largest gold producer to hedge prices as reserves hit $11.1 billion
Ghana is developing a plan to hedge its gold exports in a bid to safeguard the earnings that have strengthened its central bank's foreign reserves. Ghana plans to hedge its gold exports to stabilize revenue, strengthening its international reserves. The Bank of Ghana reports a rise in gold reserves to 32.99 tonnes as of June 2025, with significant annual export growth. Improved trade surpluses and fiscal policies have strengthened the Ghanaian cedi, making it a top-performing global currency in 2025. Ghana is developing a plan to hedge its gold exports in a bid to safeguard the earnings that have strengthened its central bank's foreign reserves, according to Bank of Ghana Governor Johnson Asiama. Speaking in Accra, Asiama noted that rising gold production and favourable prices have significantly boosted the country's gross international reserves, which now stand at $11.1 billion, enough to cover 4.8 months of imports. According to the Bank of Ghana, the country's gold reserves rose to 32.99 tonnes at the end of June 2025, up from 32.16 tonnes in May, reflecting a steady effort to build stronger foreign exchange buffers. Ghana's gold exports jumped 76% year-on-year to $5.2 billion in the first four months through April, helping to widen the country's trade surplus to $4.1 billion, up from $759 million in the same period last year, Bloomberg reported. This strong performance, combined with the government's ongoing fiscal consolidation efforts, has fueled a more than 40% rally in the cedi against the dollar in 2025, making it the second-best performing currency globally among those tracked by Bloomberg. Inflation has also eased, reaching a three-year low of 18.4% in May, down from 21.2% in April thanks to a stronger currency and reduced import costs. Regulatory framework for Crypto Bank of Ghana Governor Johnson Asiama also revealed that the country is finalizing a regulatory framework to oversee cryptocurrency activities. The move aims to bring digital asset platforms and exchanges under formal regulatory control, ensuring better oversight and investor protection. 'Crypto is here. The question is how do we manage it, not whether to ban it,' he said. ' The Bank is not anti-innovation. We only seek to ensure that digital financial products do not undermine confidence in the monetary system or facilitate illicit transactions.' With this move, Ghana is positioning itself among a small but growing number of African nations proactively tackling the regulation of digital currencies.
Business Insider
15-07-2025
- Business
- Business Insider
Ghana to regulate crypto exchanges
The Bank of Ghana (BoG) is putting the finishing touches on a comprehensive regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs), according to Governor Johnson Asiama. The Bank of Ghana (BoG) is finalizing a regulatory framework for cryptocurrency platforms and Virtual Asset Service Providers (VASPs). Governor Johnson Asiama stressed the importance of regulation amid the rise of digital financial technologies. The framework will align with anti-money laundering and financial stability mandates, ensuring robust oversight. Speaking at the Graphic Business/Stanbic Bank Breakfast Meeting, Asiama emphasised the urgency for clear rules amid the rise of digital financial technologies. 'Crypto is like the air we breathe—you can't stop it. So let's regulate it properly,' he stated. 'We are working on a framework that aligns with our anti-money laundering and financial stability mandates.' Coordination with key institutions To ensure a robust and collaborative regulatory environment, the BoG has been in close consultation with the Financial Intelligence Centre (FIC) and the Ministry of Finance. The forthcoming regulations will establish clear licensing requirements, operational standards, and safeguards against abuse for all crypto-related entities operating in Ghana. Regulating, not restricting Governor Asiama was clear in stating that the central bank is not opposed to innovation, but rather committed to preserving financial integrity. 'Crypto is here. The question is how do we manage it, not whether to ban it,' he said. ' The Bank is not anti-innovation. We only seek to ensure that digital financial products do not undermine confidence in the monetary system or facilitate illicit transactions.' Ghana takes a leading role in Africa's crypto policy With this move, Ghana is positioning itself among a small but growing number of African nations proactively tackling the regulation of digital currencies. The new framework aims to balance oversight with flexibility, ensuring that the fintech and crypto sectors can continue to innovate within a safe and supervised environment.
