TIG Post

Tag: BoG

  • BoG’s operating loss drops by 28% to GH¢9.49bn in 2024

    BoG’s operating loss drops by 28% to GH¢9.49bn in 2024

    The Bank of Ghana (BoG) has reported an operating loss of GH¢9.49 billion for the 2024 financial year, reflecting a 28.27 percent reduction from the GH¢13.23 billion operating loss recorded in 2023.

    Key drivers of the operating loss include the cost of open market operations, GH¢8.60 billion; revaluation and exchange differences (losses) totaling GH¢3.49 billion; exchange losses of GH¢1.82 billion on the government’s Gold for-Oil (G4O) programme and currency issue expenses of GH¢1.01 billion for 2024, from GH¢0.69 billion in 2023.

    Also, the modification to the choice of accounting treatment of foreign exchange gains and losses resulting from revaluation of the bank’s assets and liabilities in gold, special drawing rights, and foreign securities resulted in the 2024 operating loss. 

    As of 31 December 2024, the Bank had committed seed capital amounting to GH¢44.69 billion towards the G40 programme. In view of the losses sustained, the bank has withdrawn from the program following the Board of Directors’ approval at its meeting held on March 13, 2025.

    Despite the loss, the central bank indicated in a statement that this marks a net gain of GH¢4 billion compared to the previous year’s financials, which recorded a total loss of GH¢9.19 billion.

    The Bank of Ghana’s total assets also grew from GH¢140.41 billion in 2023 to GH¢215.06 billion in 2024, representing a 53.19% increase.

    Summarizing the year’s performance, the Bank of Ghana stated that the 2024 financial year saw improvements in the bank’s financial performance and position.

    This, the bank says, was evidenced in the reported loss for the year of GH¢9.49 billion and the GH¢4.02 billion enhancement in its equity position to close the year at a negative value of GH¢61.32 billion.

    The central bank recorded a negative GH¢65.34 billion equity position in 2023, revealing an improvement of GH¢4.02 billion last year.

    The policy solvency outcome for 2024 is consistent with the view held in 2023 that the Bank will continue to operate efficiently and effectively on a going concern basis and achieve its policy mandates, despite the significant loss recorded at the time. 

    “From a macroeconomic perspective, as macroeconomic conditions continue to improve and inflation declines towards the medium-term target, interest rates will also decline, and as a result, the cost of Open Market Operation will reduce.”

    “A decline in inflation will support exchange rate stabilization. The two major expenditures items cost of open market operations and revaluation losses arising out of exchange rate valuation which have historically constituted over (68.67 percent) of the total operating expenses will reduce and further improve the financial position of the Bank of Ghana,” the Report and Financial Statements 31 December 2024 read.

    A central bank is said to be policy solvent when it is able to generate enough realized income to cover costs associated with the conduct of monetary policy operations.

    The release of the 2024 financial statement in accordance with Section 58(1b) of the Bank of Ghana Act, 2002 (Act 612) as amended, according to the BoG, demonstrates its adherence to statutory requirements and ongoing dedication to transparency, accountability, and sound financial management.

    It added, “The bank is committed to maintaining price and financial stability and creating an enabling environment for businesses and individuals to thrive.”

    The Bank of Ghana posted losses totaling GH¢60.81 billion for the 2022 financial year. This was compared to a profit of GH¢1.23 billion recorded in the 2021 financial year.

    The losses were as a result of the government’s domestic debt restructuring activities, the depreciation of the local currency, and others.

    The BoG’s audited financial statement for 2022 indicated that the total liabilities of the central bank and its subsidiaries exceeded its total assets by GHS54.52 billion.

  • You will soon see reduction in prices as cedi appreciates – BoG assures Ghanaians

    You will soon see reduction in prices as cedi appreciates – BoG assures Ghanaians

    Governor of the Bank of Ghana, Dr. Johnson Asiama, has assured that the positive impact of the cedi will reflect in the prices of goods and services in the coming days.

    Speaking at a press briefing following the Monetary Policy Committee (MPC) meeting on Friday, May 23, the BoG governor noted that the reduction will, however, take a gradual process.

    “You can understand that some people stock their goods at a higher exchange rate. So naturally, even with the appreciation – it takes a while for you to see that adjustment. However, rest assured that you will see the adjustment certainly so long as there is competition, so long as it is not a monopoly, and we will see that kind of phenomenon very soon.”

    On the other hand, the Minister for Trade, Agribusiness, and Industry, Elizabeth Ofosu-Adjare, has revealed that Ghanaian importers have expressed willingness to adjust prices on their items, following the stability of the cedi.

    While engaging with the Ghana Union of Traders Association (GUTA), Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG) she clarified that price adjustments for goods and services are determined by traders and not the government, but the power to liaise between consumers, traders, and manufacturers.

    The cedi has appreciated by almost 24% since the beginning of the year. 

    The cedi is currently trading at around GH₵11.85 to the dollar, GH₵15.84 to the British pound, and GH₵13.34 to the euro, per the May 2025 Summary of Economic and Financial Data.

    Meanwhile, players in the business community have argued that the significant reduction in the prices of goods and services cannot occur over time, despite the cedi appreciating against the dollar.

    According to the Dean of the University of Cape Coast School of Business, Professor Gatsi, most traders and businesses are yet to sell off old stock that were bought at higher exchange rates.

    He added that the situation may delay the immediate price adjustment in goods and services.

    Minister for Finance, Dr Cassiel Ato Forson, has cited stringent monetary policy, complemented by aggressive liquidity sterilization, and disciplined fiscal stance anchored around prudent public finance management.

    “In fact, our foreign exchange reserves at the Bank of Ghana reached a record high in April 2025, surpassing targets set under the IMF-supported programme ahead of schedule,” he added.

    Bolstering these efforts, he said, included “enhanced foreign exchange inflows from gold, cocoa, and remittances, alongside a softening US dollar amid global uncertainties.”

    According to Forbes, the dollar has depreciated by 8% in 2025, whereas gold prices have hiked by 23%.

    This has been reported as investors seek safe-haven assets.

    They “have significantly driven the strength of the Ghana cedi,” the sector minister confirmed.

  • Investors shift focus from T-Bills to BoG bills as yields decline

    Investors shift focus from T-Bills to BoG bills as yields decline

    Investors are quickly moving their money from Treasury bills to Bank of Ghana (BoG) bills, which are offering returns of around 28%.

    This change is happening because the returns on Treasury bills have dropped sharply, leading to a low demand in the government’s recent auction.

    According to IC Insights, a 100-basis-point increase in the policy rate will likely keep demand high for Open Market Operations (OMO) securities, making Treasury bills less appealing.

    “However, the ongoing squeeze on public spending will ease the financing requirement and avert an upward reversal in T-bill rates, barring any foreign exchange shocks,” the report noted.

    In the last auction, the government rejected GH¢2.37 billion worth of bids that were too high, accepting only GH¢1.69 billion out of the target GH¢4.39 billion.

    This means they only accepted 40% of the GH¢4.22 billion in bills that were due, showing that there’s less money available in the market.

    As a result, the returns on Treasury bills dropped week by week: 6 basis points for the 91-day bills, 23 basis points for the 182-day bills, and 1 basis point for the 364-day bills, settling at 15.65%, 16.50%, and 18.84%, respectively.

    The government’s decision to reject many bids shows that investors are expecting higher returns than the government is offering, especially as the government plans to reopen the bond market.

    Looking ahead, the government plans to raise GH¢6.68 billion this week by selling 91-day, 182-day, and 364-day bills to refinance GH¢6.43 billion in bills that are due.

  • BoG, NIB hold discussions on strategic reforms and future growth

    BoG, NIB hold discussions on strategic reforms and future growth

    Managing Director of the National Investment Bank PLC (NIB), Dr. Doliwura Zakaria, has led a high-powered team from the bank to meet with the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, as part of efforts to deepen collaboration and drive reforms.

    Joining the meeting were the First Deputy Governor, Dr. Zakari Mumuni, and other senior officials from the BoG, with discussions centered on governance improvements, operational efficiency, technological advancement, and the growth agenda for NIB.

    Dr. Zakaria, in his introductory comments, congratulated Dr. Asiama and Dr. Mumuni on their recent appointments, expressing confidence that their leadership would contribute significantly to the banking sector’s stability and innovation.

    He acknowledged the unique relationship between NIB and the BoG, noting that the central bank serves not only as NIB’s regulator but also as a shareholder — a dual role that, while complex, offers important opportunities for strategic alignment.

    Highlighting recent progress, Dr. Zakaria stated that NIB had made considerable strides toward profitability and reiterated the bank’s commitment to supporting national development goals. He emphasized the need for ongoing collaboration, especially in securing budgetary backing to fuel key projects.

    Among the major items on the agenda was the proposed relocation of NIB’s corporate headquarters to Cedi House. Dr. Asiama responded positively to the idea, indicating that further engagement would continue to facilitate a smooth transition.

    The meeting ended on a note of shared optimism, with both institutions reaffirming their commitment to fostering a stronger financial ecosystem.

  • BoG rejects any association with improper use of its currency containers

    BoG rejects any association with improper use of its currency containers

    Bank of Ghana (BoG) has issued a disclaimer following reports that its currency transport boxes are being misused by individuals for purposes unrelated to their intended official function, some of which may involve criminal activity.

    In a statement titled “Use and Misuse of Bank of Ghana Currency Transport Boxes,” the central bank clarified that while the wooden boxes used for currency import operations are exceptionally durable and occasionally repurposed after official use, any suggestion that the Bank is associated with criminal use of these containers is entirely false and damaging.

    “These boxes are robust, reusable, and well-suited to withstand wear and tear associated with logistics,” the statement read. It noted that commercial banks often return them empty or find alternative non-currency uses for them.

    “However, due to their durability, some members of the public have repurposed them for domestic and commercial uses, including storage and transport.”

    The Bank drew a clear line, stating that any misuse of these boxes, particularly for criminal activities, must be treated with the seriousness it deserves.

    “The BoG cannot be associated with any misuse of these boxes for criminal or unauthorized activities,” it stated.

    “Reports have emerged indicating that certain individuals are using these boxes to implicate the Bank or undermine public trust in its operations,” the statement continued.

    The central bank warned that such misuse could potentially damage its reputation and insisted that law enforcement agencies must take swift action.

    “Misuse of such boxes for criminal activities must be thoroughly investigated… and all persons found culpable prosecuted,” the Bank emphasized.

    In an era where appearances can lead to harmful conclusions, the Bank of Ghana clarified that a reused currency box does not represent or have the approval of the central bank.

  • Stop your followers from disrespecting me if you don’t support them – Obofour tells Adom Kyei-Duah

    Stop your followers from disrespecting me if you don’t support them – Obofour tells Adom Kyei-Duah

    Founder of Anointed Palace Chapel (APC), Rev. Obofour, has issued a strong caution to Rev. Stephen Adom Kyei-Duah, urging him to call his followers and affiliated bloggers to order over the consistent online attacks he has been receiving.

    According to Obofour, members of the Believers Worship Centre (Philadelphia Movement) — led by Rev. Adom Kyei-Duah — have been using social media to ridicule him, especially following a recent public appearance where both clergymen attended the funeral of IGP Christian Yohuno Tetteh’s mother. In videos from the event, the two were seen seated close to each other but not interacting — a moment bloggers quickly seized upon to stir conversation and mockery.

    Some of the videos, believed to have been shared by Adom Kyei-Duah’s supporters, were accompanied by demeaning captions and laughter overlays, which Obofour says are not only insulting but damaging to his image.

    “I’m calling on the elders of the church to address this. If they fail to speak to their bloggers, I’ll take it that they support the disrespect,” he warned. “Some of the captions circulating online are dangerous. If it were my team doing this to him, it would have become a national issue.”

    Rev. Obofour emphasized that he has no personal grudge with Adom Kyei-Duah, stating that he was equally surprised by the online insults.

    “Adom Kyei-Duah has done nothing to me, and I haven’t wronged him either,” he said. “I was exhausted when I got to the funeral — I had worked overnight and was still mourning my own mother.”

    He also warned that if the online ridicule continues without condemnation from Adom Kyei-Duah or his church leadership, it would be assumed that they endorse the behavior.

    Though both clergymen have previously been at odds with a public fallout in 2023 over allegations of exploiting congregants, Obofour insists that he is not in any form of conflict with his counterpart and only seeks mutual respect and peace..

    Watch the video below:

  • BoG plans to auction $120m to Bulk Oil Distribution Companies in Q2 of 2025

    BoG plans to auction $120m to Bulk Oil Distribution Companies in Q2 of 2025

    Bank of Ghana (BoG) plans to auction $120 million to Bulk Oil Distribution Companies (BDCs) in the second quarter of 2025 as part of efforts to ease the pressure on foreign exchange demand and stabilize the Ghana Cedi.

    The auctions will take place on six dates between April and June and are exclusively for BDCs to obtain dollars for importing petroleum, which is a major factor driving forex demand in the country.

    Each auction will offer $20 million, totaling $120 million for the second quarter.

    These auctions are part of the Central Bank’s strategy to reduce volatility in the foreign exchange market, particularly in the petroleum sector, where there is typically high demand for dollars.

    The first auction is scheduled for April 10, with additional auctions on April 29, May 14, May 28, June 12, and June 26.

    “The Bank of Ghana announces for the information of all Authorised Foreign Exchange Dealing Banks, the Bulk Oil Distribution Companies (BDCs) FX forward Auction Calendar for the second quarter of 2025. In accordance with the BDCs Forex Forward Auction guidelines, bids are invited as per the prescribed format to purchase United States Dollars against Ghana cedis, separately on each auction date and should be submitted via the dedicated email bogforwards@bog.gov.gh,” part of a statement issued the Central Bank read.

    Bids for the auctions must be submitted by authorized foreign exchange dealing banks on behalf of the BDCs during the specified hours on each auction day. The results will be announced later in the afternoon.

    The Bank of Ghana has reminded all authorized dealers to carefully follow the auction guidelines, which can be found on its website.

  • Average lending rate stood at about 30% in Jan, Feb – BoG

    Average lending rate stood at about 30% in Jan, Feb – BoG

    The average lending rate in Ghana remained steady at around 30% during the first two months of 2025, according to data from the Bank of Ghana (BoG).

    Figures from the central bank indicate that the average lending rate stood at 30.07% in January 2025 and inched up slightly to 30.12% in February 2025. This followed a rate of 30.25% recorded in December 2024, after fluctuating between 30.07% in October 2024 and 30.45% in November 2024.

    A review of lending rate trends over the past year shows a gradual decline. In January 2024, the average rate was 32.94%, which dropped to 32.77% in February and further to 32.35% in March. The downward trend continued in April 2024 at 31.25% before easing slightly to 31.10% in June. By July 2024, the rate had fallen to 30.71% but saw a marginal uptick to 30.79% in August.

    Meanwhile, the Ghana Reference Rate, which serves as a benchmark for lending, was recorded at 29.96% in December 2024.

    Policy Rate and Lending Variations

    Despite maintaining a policy rate of 27% in January 2025, the central bank attributed the decision to persistent inflationary pressures, particularly from rising food prices in the last quarter of 2024.

    Although the average lending rate hovers around 30%, actual rates charged by banks vary based on the sector and risk profile of borrowers. Some financial institutions offer loans close to the Ghana Reference Rate, while others impose interest rates as high as 39% depending on the perceived risk of the client.

  • State power must be exercised in good faith – Minority

    State power must be exercised in good faith – Minority

    The Minority in Parliament has raised concerns over what it describes as the misuse of state power for political purposes, cautioning that such actions threaten the principles of democracy and the rule of law.

    At a press briefing on March 24, 2025, Second Deputy Minority Whip, Jerry Ahmed Shaib, decried the recent security operations targeting former government officials, including the immediate past Governor of the Bank of Ghana, Dr. Ernest Addison.

    “State power must be exercised in good faith, not wielded as a weapon of political intimidation,” he stated, warning that heavy-handed tactics by security agencies were eroding public confidence in law enforcement.

    The Minority accused the Attorney-General of exceeding his mandate by assuming investigative and law enforcement powers rather than focusing on his constitutional role as the government’s chief legal officer.

    “Since when did we have an Attorney-General who himself orders arrests, conducts investigations, and examines his own evidence?” Shaib questioned.

    He emphasised that the Attorney-General’s responsibility lies in evaluating cases brought before him by investigative bodies, rather than leading the process from the outset.

    According to the Minority, such actions create the perception that the justice system is being used for political ends rather than ensuring fairness and accountability.

    The caucus also condemned the arrest and public display of the former Director of the National Signals Bureau, Kwabena Adu Boahene, as well as the raids on the homes of former ministers, including Ken Ofori-Atta and John Peter Amewu.

    “These arrests, detentions, midnight home raids, and threats are relics of the coup era and have no place in a functioning democracy,” Shaib asserted.

    He further criticised reports of excessive force used by security personnel, including the removal of CCTV cameras during the raid on Dr. Addison’s residence.

    Calling for an immediate halt to what it described as intimidation tactics, the Minority urged civil society, the media, and the general public to demand accountability from the government.

    “Ghana’s democracy cannot thrive under a climate of fear and selective justice,” Shaib warned.

    He insisted that law enforcement agencies must uphold their integrity by following due process, adding, “If you have evidence against someone, go to court. If you don’t, don’t malign people through press conferences.”

  • BoG Governor Dr Asiama chairs first MPC meeting

    BoG Governor Dr Asiama chairs first MPC meeting

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is presiding over his first Monetary Policy Committee (MPC) meeting today, March 24, 2025, as the central bank reviews Ghana’s economic outlook.

    The three-day meeting, which concludes on Wednesday, March 26, will culminate in a press briefing on Friday, March 28, where the committee will announce its decision on the policy rate.

    At the heart of discussions will be the country’s inflation rate, currently standing at 23.1 percent, as the government works towards its ambitious year-end target of 11.9 percent. The committee is expected to evaluate measures to curb inflation and stabilize the economy.

    Analysts anticipate a potential hike in the policy rate, citing concerns over falling Treasury Bill rates in recent months. Some insiders suggest that the committee may consider increasing the rate to offer better returns to investors.

    Ahead of the meeting, Dr. Asiama outlined several reforms aimed at improving the transparency of the MPC’s operations. These include modifications to the Monetary Policy Framework, the publication of meeting minutes, and revealing how each committee member votes on decisions.

    Additionally, the Governor has pledged to engage directly with the private sector and the Ghana Union of Traders Association (GUTA) after the meeting, ensuring that key stakeholders are informed about the policy direction of the central bank.

    All eyes are on the MPC’s verdict this Friday, as businesses, investors, and policymakers await crucial decisions that could shape Ghana’s economic trajectory.

  • Addison fixed devices to spy on BoG at his home – Festus Aboagye claims

    Addison fixed devices to spy on BoG at his home – Festus Aboagye claims

    Retired Colonel Festus Aboagye has alleged that former Bank of Ghana (BoG) Governor, Dr. Ernest Addison, installed electronic surveillance devices in his residence to secretly monitor activities at the central bank.

    His claims follow a recent search of Dr. Addison’s home by National Security operatives—a move that has drawn criticism from Minority Leader Alexander Afenyo-Markin, who accused security personnel of stealing personal items, including jewellery and money belonging to Addison’s wife.

    Speaking in an interview with TV3, Rtd. Col. Aboagye asserted that intelligence gathered by the state indicated that the ex-Governor had wired his home with electronic monitoring devices linked to the Bank of Ghana.

    “What is coming out, unless contested, is that there was intelligence, I’m speaking on what it is that I have checked, that former Governor Addison when I got social information, checked from a source within National Security, certain individuals within the National Security, that he has wired his place with what we call back door electronic devices,” he claimed.

    He added that the operation to remove the alleged surveillance setup was misinterpreted as an attack on Dr. Addison’s property.

    “Since then, I have received multiple versions of it. He had devices in his house, wired to the Bank of Ghana, which enabled him to monitor what was going on. Monitoring is a very diplomatic word, this is spying, this is surveillance.”

    The retired military officer further argued that no former central bank head had the authority to conduct such surveillance on the institution.

    “And the state has not authorised anybody in the form of a former BoG [Governor] to mount surveillance on the premises of BoG. The naked wireless was wired into devices. As far as I’m concerned, that was the objective of that search,” he emphasized.

    Dr. Addison and his legal representatives have yet to respond to the allegations.

  • Parliament summons Interior Minister over search at former BoG Governor’s residence

    Parliament summons Interior Minister over search at former BoG Governor’s residence

    Parliament has summoned the Minister for the Interior, Muntaka Mubarak, to provide clarity on the search conducted at the residence of former Bank of Ghana Governor, Dr. Ernest Addison.

    The directive follows intense public debate and calls for transparency after heavily armed National Security officers reportedly stormed Dr. Addison’s Roman Ridge home on March 19, disabling CCTV cameras and searching the premises.

    The operation has sparked concerns over adherence to due process, with members of the Minority demanding accountability. They insist that Parliament must ensure government agencies operate within the bounds of the law.

    The Interior Minister is expected to explain the legal basis for the search warrant, the specific allegations that led to the operation, and the conduct of security personnel involved. Lawmakers are also keen to know whether similar actions are planned against other former government officials.

    However, Majority Leader Mahama Ayariga has stated that the Minister will not be available to appear before Parliament on March 25, promising that a new date will be announced in due course.

    He also rejected claims that the operation was a forceful raid, arguing that it was conducted legally.

    “Law enforcement officers lawfully went there to conduct a search, and it is perfectly lawful. And so using the word raid is clearly wrong,” he said.

    Meanwhile, sources close to Dr. Addison say he and his family remain shaken by the incident, describing it as an unnecessary and distressing ordeal.

    Deputy Attorney General Dr. Justice Srem Sai has confirmed that the National Security raid on the Roman Ridge residence of former Bank of Ghana (BoG) Governor Dr. Ernest Addison on March 19 was legally sanctioned by the Attorney General’s Office and conducted with proper warrants.

    During a media engagement on Thursday, March 20, he affirmed, “Every search you see is part of the government’s framework to fight corruption, and we take responsibility for the searches that are happening.”

    He also clarified, “Those searches and the mode in which they were done were carried out in accordance with the law. Warrants were procured, and warrants were used to conduct those searches.”

    In response to concerns raised by the Minority in Parliament over recent raids, the Deputy Minister disclosed that such actions are part of an ongoing investigation into alleged corruption during the previous administration.

  • BoG confirms MTN MoMo isn’t licensed to undertake cross-border transactions to Nigeria

    BoG confirms MTN MoMo isn’t licensed to undertake cross-border transactions to Nigeria

    The Bank of Ghana (BoG) has clarified that MTN Ghana’s MobileMoney Limited has not been authorised to facilitate cross-border transactions with MTN Nigeria.

    Contrary to reports suggesting otherwise, the Central Bank emphasized that no such license has been issued for international money transfers between the two subsidiaries.

    In a statement addressing developments in Ghana’s fintech sector, the BoG explained that while MTN MoMo lacks approval for cross-border transactions, another regulated initiative is being piloted under its supervision. The initiative, BrijX—a B2B Currency Swap Platform developed by Brij Fintech Ghana—has been approved for testing within the BoG’s regulatory sandbox framework.

    “Bank of Ghana has taken note of media publications suggesting that MTN Ghana has been licensed to conduct cross-border transactions with MTN in Nigeria. The Bank hereby states that MobileMoney Limited, providers of MoMo from MTN, has not been licensed or authorised to conduct cross-border transactions,” the statement read.

    https://twitter.com/thebankofghana/status/1902746436980146605/photo/1

    Unlike traditional remittance services, BrijX operates as a digital marketplace, allowing direct currency swaps between the Ghanaian Cedi and the Nigerian Naira without the need for forex transactions or the physical movement of funds. The platform integrates with banks, mobile money providers, and other licensed Payment Service Providers (PSPs) to enable seamless currency exchanges.

    The BoG noted that BrijX, which commenced live testing in February 2025, initially involves MTN MoMo users and will soon be extended to G-Money customers. The pilot is subject to stringent regulatory controls, including transaction limits, restricted participation, a defined testing period, and strict adherence to Anti-Money Laundering (AML) and Know Your Customer (KYC) protocols.

    Following the pilot phase, the BoG will evaluate BrijX’s performance to determine its compliance with Ghana’s financial regulations and its potential for wider adoption.

    Reaffirming its commitment to secure and efficient financial services, the BoG assured stakeholders that it remains dedicated to fostering innovation while maintaining strong consumer protection measures.

  • National Security denies taking money or jewelry from Dr. Addison’s home

    National Security denies taking money or jewelry from Dr. Addison’s home

    National Security has refuted claims that its operatives took cash or valuables during a raid on the residence of former Bank of Ghana Governor, Dr. Ernest Addison.

    The operation, carried out on Wednesday, March 19, led to the discovery of empty money storage boxes at his Roman Ridge home.

    According to National Security officials, the raid was conducted based on intelligence suggesting that Dr. Addison was in possession of funds belonging to the central bank. They stated that the operation was lawful, backed by a search warrant, and executed in line with standard procedures.

    As part of their investigative process, operatives also retrieved the hard drive from Dr. Addison’s CCTV system, a move they described as routine. Addressing allegations of theft, a National Security source firmly dismissed the accusations.

    “We did not take any money or jewelry from Dr. Addison’s home. We will, in due course, make public a full list of items retrieved during the search,” the source told 3News.com.

    The search has since sparked heated political reactions, with the Minority in Parliament condemning it as part of a disturbing pattern of security raids targeting former government officials.

    The controversy deepened with the reported arrest and subsequent release of journalist Okatakyie Afrifa Mensah on the same day. The raid on Dr. Addison’s home also follows a similar operation conducted by National Security at the residence of former Finance Minister Ken Ofori-Atta on February 11, 2025.

    In response, Minority Leader Alexander Afenyo-Markin has urged President John Mahama to put an end to what he calls politically motivated security actions.

    “President John Dramani Mahama, please leave a legacy. Let it be said that even if there were excesses in the exercise of executive power when you had the opportunity, you changed it for good. Own that legacy in your name. We are tired of the intimidation, the attacks, and the hypocrisy,” he stated.

  • BoG hasn’t licensed cross border payments by MTN – Communications Minister

    BoG hasn’t licensed cross border payments by MTN – Communications Minister

    Minister for Communications, Digital Technology, and Innovations, Sam George, has clarified that the Bank of Ghana has not granted any license for cross-border payments between MTN Ghana and MTN Nigeria.

    Recent reports suggested that the two telecom companies were rolling out cross-border payment services, triggering mixed reactions, particularly from fintech industry players.

    Concerns were raised about the potential impact on Ghana’s financial technology landscape.

    Addressing the issue in a social media post, he stated, “I have received several frantic calls from players in Ghana’s fintech ecosystem deeply worried about a statement circulating today that MTN Ghana and MTN Nigeria have commenced cross-border payments.

    “Despite our commitment to a seamless and inclusive financial ecosystem, there are regulations for the industry. My checks with the Bank of Ghana indicate that no such licence has been issued for cross-border payments.”

    He assured that the Ministry for Digital Technology would collaborate with relevant stakeholders to create a supportive environment for investment, technological advancement, and high-quality financial services.

    “We would work with all stakeholders as the Ministry for Digital Technology to ensure a favourable ecosystem that protects investments, supports innovation and offers the best products to our citizens,” he affirmed.

    As Ghana’s fintech sector continues to evolve, the government remains focused on ensuring that all developments align with national financial policies and regulatory standards.

    The Foreign Exchange Act, 2006 (Act 723) prohibits the pricing, advertising and receipt or payment for goods and services in foreign currency in Ghana. Such violations are punishable by summary conviction, a fine of up to seven hundred penalty units or a prison term of not more than eighteen months, or both. The sole legal tender in Ghana is the Ghana Cedi and Ghana pesewa.

  • Afenyo-Markin pays visit to ex-BoG Governor after raid at his residence

    Afenyo-Markin pays visit to ex-BoG Governor after raid at his residence

    Minority Leader Alexander Afenyo-Markin has visited former Bank of Ghana (BoG) Governor, Dr. Ernest Addison, following a controversial raid on his residence by National Security operatives.

    The early morning operation, which took place on Wednesday, March 19, at Roman Ridge, reportedly saw a team of heavily armed men storming Dr. Addison’s home while he was present.

    Sources indicate that around 5 a.m., about 15 soldiers arrived in three separate vehicles, forcefully entered the premises, and disabled the CCTV system before demanding access to alleged “vaults” within the house.

    Dr. Addison, however, firmly denied having any hidden vaults or cash on his property. Despite his denial, the operatives ransacked his home, leaving it in disarray. When their search proved fruitless, they called in National Security drivers to remove four of his vehicles, leaving only two behind. Before leaving, they also confiscated the CCTV monitor and control unit.

    Later in the evening, the family was reportedly instructed to retrieve the seized vehicles, which had been parked opposite Jokers Club in Labadi. The incident has left Dr. Addison and his family shaken, sparking widespread concern and condemnation.

    The operation is said to have been led by Richard Jakpa, Director of Special Operations at the National Security Secretariat. His involvement has further fueled discussions on the legality and intent of such operations.

    This development comes just weeks after a similar raid on the residence of former Finance Minister Ken Ofori-Atta on February 11, 2025. In that case, a group of 12 individuals, including nine military personnel and plainclothes officers, allegedly entered Mr. Ofori-Atta’s home without prior notice or a warrant while he was out of the country for medical treatment. He later described the incident as deeply distressing for his household staff and damaging to his reputation.

    With concerns growing over these high-profile raids, Afenyo-Markin’s visit underscores the political and legal implications of such operations. Many are now calling for further investigations into the motives behind these actions and the extent of National Security’s authority in conducting such operations.

    https://twitter.com/AfenyoMarkin/status/1902495494745595929

  • Finance Minister rules out taxpayer-funded bailout for BoG

    Finance Minister rules out taxpayer-funded bailout for BoG

    Finance Minister Dr. Cassiel Ato Forson has ruled out any government intervention to recapitalise the Bank of Ghana (BoG), stating that taxpayers cannot bear the burden of a ¢53 billion bailout.

    Following the presentation of the 2025 Budget Statement to Parliament on Tuesday, Dr. Forson addressed the central bank’s financial struggles in an interview on Joy News.

    He highlighted that under the previous administration led by Ernest Addison, an MoU had been signed for the government to inject ¢53 billion into the BoG.

    However, he made it clear that the institution must find internal solutions instead of relying on public funds.

    “I’ve asked the Bank of Ghana to look within, cut expenditure, because the taxpayer cannot afford ¢53 billion,” he said. “First of all, they have to look within. You know, you’ve seen their new Head Office, a very big building. They have a choice—a choice to sell and lease back if they want.”

    “They have to look within and cut expenditure and reduce events. The taxpayer cannot afford ¢53 billion. Giving ¢53 billion to the central bank will simply mean that we will have to deny the taxpayer some public good, like roads, like schools, like hospitals. Is that what we want? Can we afford it? At this stage, the answer is no. We cannot afford that. And so the central bank must look within,” he asserted.

    Dr. Forson suggested that the BoG explore alternative revenue sources, including the sale of non-essential assets such as hotels and guest houses, to generate funds for recapitalisation.

    He questioned why the central bank was still engaged in such businesses when it faced significant financial challenges.

    “If the central bank is able to come to me with a reasonable offer, we can have a conversation. But it must start from them. I have also said that they may have to consider winding back their profit over the next 10 years to recapitalise. That can also be an option,” he added.

    He also proposed a long-term recovery plan, indicating that the BoG could reinvest its profits over the next decade to strengthen its financial position.

    Meanwhile, the Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has pledged to restore the financial strength of the central bank.

    He assured that the Board of Directors will work hard to restore confidence and the integrity of the bank.

    While Mr Forson remains open to discussions on a sustainable recapitalisation strategy, he insists that the initiative must first come from the central bank.

  • ECG, COCOBOD and BoG drowning in debt – Ato Forson

    ECG, COCOBOD and BoG drowning in debt – Ato Forson

    Finance Minister Dr. Cassiel Ato Forson has revealed that the Bank of Ghana (BoG) is currently facing a negative equity of GHS55 billion, a financial burden inherited from the previous administration.

    He stressed the urgency of government intervention to restore stability to the central bank’s finances.

    Speaking on Channel One TV on Wednesday, March 12, Dr. Forson explained that the BoG’s financial position remains deeply in deficit.

    “The Bank of Ghana has a negative equity as we speak under the previous administration. They have a negative equity of GHS55 billion, and so their balance sheet is such that they will need the government to bail them out with some money so that they will be able to move from a negative equity to a positive equity,” he stated.

    Dr. Forson also highlighted the significant debts owed by key government agencies, including the Road Fund, COCOBOD, and the Electricity Company of Ghana (ECG).

    He revealed that the Road Fund has accumulated a debt of GHS5.5 billion, COCOBOD owes GHS32 billion, while ECG’s outstanding payments to suppliers amount to GHS68 billion, in addition to a $1.73 billion debt to Independent Power Producers (IPPs).

    “Road Fund owing about GHS5.5 billion, then you have the likes of GETFund, DACF they have their own debt. Then COCOBOD, ECG. COCOBOD owes GHS32 billion, ECG owes GHS68 billion. They owe contractors who have done work,” he stated

    He further pointed out that ECG’s financial struggles stem from its inability to fully remit collected revenue.

    Dr. Forson warned that if these mounting debts—particularly in the energy sector are not urgently addressed, they could have severe consequences on the country’s financial stability.

    “ECG’s situation is so bad that they are supposed to collect the power that they consume. Unfortunately, they buy the power they are supposed to sell to consumers like yourself, collect the money and pay, but the data we’ve seen so far shows ECG collects like GHS1.5 billion, keeps GHS500 million, and pays only GHS1 billion.

    “As a result, they are unable to pay IPPs, and as we speak, the government of Ghana through ECG owes IPPs $1.73 billion. Coupled with the $1.70 billion, they also owe suppliers another GHS68 billion,” stated Dr. Forson.

  • Court remands painter accused of stealing BoG’s electrical cables worth over GHc1,000,000

    Court remands painter accused of stealing BoG’s electrical cables worth over GHc1,000,000

    A painter working on the Bank of Ghana building at Ridge, Accra, has been remanded into police custody for allegedly stealing large quantities of assorted copper cables valued at GH¢1,035,500.

    Ahmed Mohammed Lawal was arrested after a review of CCTV footage reportedly captured him and two accomplices—who are currently at large—removing the cables from the site. He appeared before an Accra Circuit Court, where he pleaded not guilty to charges of unlawful entry and stealing.

    The court, presided over by Mrs. Sedinam Awo Kwadam, adjourned the case to March 19, 2025, while police continue efforts to apprehend Lawal’s accomplices.

    Prosecuting the case, Assistant Superintendent of Police (ASP) Augustin Kingsley Oppong told the court that the complainants, Samuel Nii Tettey and Davidson Mensah Otinkorang, are a safety officer and an electrical engineer, respectively, working on the new Bank of Ghana building, which is still under construction.

    According to ASP Oppong, on February 16, 2025, the complainants discovered that someone had broken into the Energy Farm—a section of the construction site—and stolen bundles of LC x 240 square and LC x 300 square copper cables, all valued at over GH¢1 million.

    This prompted a review of the site’s CCTV footage, which allegedly revealed Lawal and his accomplices cutting and removing the cables. Following this discovery, the accused was apprehended and handed over to the police.

    Investigations later uncovered that the suspects had gained access to the secured area by using a scaffold. “The accused person and his accomplices cut the copper cables with a sharp object and took them (the cables) away,” ASP Oppong told the court.

    Further inquiries revealed that the stolen cables were sold to an individual at Kwame Nkrumah Circle, with Lawal receiving GH¢2,000 as his share of the proceeds. However, he was unable to assist the police in locating his accomplices or the individual who purchased the stolen materials.

    Prosecution assured the court that investigations were still ongoing.

  • Discussions on new headquarters were had in 2011, 2016 – BoG Governor

    Discussions on new headquarters were had in 2011, 2016 – BoG Governor

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that conversations about the need for a new headquarters for the central bank date back to 2011, long before its construction began.

    Appearing before Parliament to address concerns surrounding the project, Dr. Asiama explained that the BoG’s board at the time had initiated discussions on acquiring land for a new facility. However, they were unable to agree on a suitable location before their tenure ended.

    “The discussions around a new headquarters for the Bank of Ghana date back to 2011 when the board at the time considered acquiring land for the project. However, the board at the time could not settle on a specific location until its tenure ended,” he stated.

    He further revealed that the issue resurfaced in 2016 during his tenure as Deputy Governor, yet once again, a final decision on the location was not reached.

    “Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered, however, we could not settle on a specific location,” he noted.

    According to Dr. Asiama, it was not until 2019, under a new board, that a structural integrity audit was carried out on the existing headquarters, which had been in use since the late 1950s. The assessment revealed severe structural defects, making the facility unfit for purpose.

    “In 2019, under a new board of the Bank of Ghana, a structural integrity audit was conducted, and this showed that the existing headquarters, which was built in the late 1950s, had developed significant structural defects and was no longer fit for purpose,” he stated.

    The BoG’s new 21-story headquarters, located in Ridge, is set for completion in September 2024. The facility was officially inaugurated as part of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

    At the inauguration, Akufo-Addo underscored the importance of the new building in strengthening Ghana’s financial system and aligning it with global banking standards.

  • Procurement processes for new headquarters received PPA approval – BoG Governor

    Procurement processes for new headquarters received PPA approval – BoG Governor

    The Bank of Ghana (BoG) has assured that all procurement processes for its new headquarters were conducted in compliance with regulations and received approval from the Public Procurement Authority (PPA).

    Stephen Yankyera Amoh, a technical member of the team that accompanied BoG Governor Dr. Johnson Asiama to Parliament, made this clarification while addressing lawmakers regarding the project.

    “Mr Speaker, procurement approvals were sought for all the processes. One was the PPA approval to use the restricted tendering for the selected contractors who were perceived to be suited to build such an edifice,” he explained.

    His statement aimed to dispel concerns over the transparency of the project’s procurement procedures. The construction of the new headquarters has been a subject of public debate, with critics questioning its cost and necessity.

    Amoh emphasized that the selection of contractors followed due process to ensure the project adhered to the required standards and value-for-money principles.

    The BoG’s new 21-story headquarters, located in Ridge, is expected to be completed in September 2024. It was officially inaugurated as part of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024.

    During the inauguration, Akufo-Addo underscored the significance of the facility in enhancing Ghana’s financial infrastructure and ensuring the central bank operates at a level that meets international standards.

  • Your role is not to serve political interests – Afenyo-Markin to BoG Governor

    Your role is not to serve political interests – Afenyo-Markin to BoG Governor

    The Minority Leader, Alexander Afenyo-Markin, has cautioned Bank of Ghana (BoG) Governor, Dr. Johnson Asiama, to avoid political entanglements and uphold the independence of his office.

    Addressing Parliament on Wednesday, March 5, during Dr. Asiama’s appearance to discuss concerns over the cost of the BoG’s new headquarters, Afenyo-Markin warned against selective scrutiny of the central bank’s actions, stressing the need for balanced oversight.

    “I recall that in the 2015 State of the Nation Address, Mr. President [John Dramani Mahama] raised concerns about poor supervision of the banking sector by the Bank of Ghana. The governor today was the deputy governor then. Are we now picking and choosing which matters we want the governor to brief us on?” he questioned.

    “Mr. Governor, don’t make yourself a tool for political football. The role of the governor of the central bank is critical to the economy of this country. I do not want to politicise the office of the governor, and I urge others to do the same,” he added.

    Afenyo-Markin further advised the Majority in Parliament to handle economic discussions carefully, stressing that their approach could have far-reaching effects on Ghana’s financial stability.

    His statement came amid heated debates over the BoG’s new headquarters, with the Minority disputing the session’s legitimacy over procedural concerns, while the Majority insisted that due process had been observed.

  • BoG Governor Asiama confirms operating from new headquarters

    BoG Governor Asiama confirms operating from new headquarters

    Governor of the Bank of Ghana, Dr. Johnson Asiama, has confirmed that he is currently operating from the central bank’s newly constructed headquarters. He made this revelation while addressing Parliament on the status of the project.

    Dr. Asiama explained that his predecessor had already transitioned into the facility, as the project had reached an advanced stage of completion before he assumed office.

    “Yes, my predecessor moved into the new headquarters because it was allowed as the project is about 98% complete. It is almost done, and so my predecessor moved into it,” he stated.

    He further noted that upon taking office, it was only practical for him to continue using the building while final touches were being made.

    “When I took over, I had no choice but to also move into it while we continue all the other processes,” he added.

    The construction of the new BoG headquarters has sparked public debate, with concerns raised over its cost and necessity. Despite this, Dr. Asiama’s remarks indicate that the facility is already in use, even as the remaining work is completed.

    The headquarters, part of the newly developed Bank Square, was officially inaugurated on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo. The modern complex was designed to incorporate advanced technology and enhance the central bank’s ability to regulate Ghana’s financial system efficiently.

    At the inauguration, former President Akufo-Addo underscored the project’s importance in bolstering Ghana’s financial infrastructure and ensuring the central bank meets international standards.

  • BoG defends cost of new headquarters, cites market value

    BoG defends cost of new headquarters, cites market value

    The Bank of Ghana (BoG) Governor has justified the cost of its newly constructed headquarters, arguing that the price per square metre remains below both national and regional market averages.

    Governor Dr. Johnson Asiama provided this clarification while addressing Parliament on concerns over the project’s overall expenditure.

    He disclosed that the Bank’s Entity Tender Committee (ETC) approved a revised construction cost of $2,068 per square metre in December 2022, a figure he described as competitive compared to prevailing rates.

    “This figure is lower than the market value, with data from the Africa Property & Construction Cost Guide 2021/22 stating $2,658 per square metre and in 2022/23 at $2,720 per square metre, as average construction costs for prestige high-rise office spaces in Africa,” he stated.

    According to Dr. Asiama, the Central Tender Review Committee (CTRC) later endorsed this revised cost for the expanded scope of works without any additional adjustments.

    The approved rate ultimately brought the total construction expenditure to $222,799,760.58.

    He maintained that the BoG ensured the project adhered to international construction standards while delivering value for money.

    Dr. Asiama’s remarks come amid scrutiny over the cost of the new headquarters, with some lawmakers and sections of the public questioning whether the expenditure was justified.

    However, he assured Parliament that the central bank exercised financial prudence in executing the project, ensuring that it remained within reasonable cost benchmarks for high-rise office buildings in West Africa.

  • BoG to conduct independent audit of $261.8m new headquarters

    BoG to conduct independent audit of $261.8m new headquarters

    The Bank of Ghana (BoG) is considering commissioning the Architectural and Engineering Services Limited (AESL) to carry out a value-for-money audit on its $261 million new headquarters project.

    This decision follows growing public concern over the project’s cost.

    Speaking before Parliament on Wednesday, March 5, 2025, Governor Dr. Johnson Asiama stated that the audit is a key step in ensuring accountability and transparency in the project’s execution.

    “The reconstituted Bank of Ghana Board will be sworn in next week and the board will begin reviewing some of these legacy issues. We have scheduled for a board agenda of a detailed briefing of the new BoG building by the project management, and we intend to seek authorisation from the Board to engage AESL for a value for money audit into the new building.

    “We believe this will bring clarity to the matter and closure to the issues of our new Bank of Ghana Building”.

    As concerns grow among civil society and opposition groups over the cost of the new Bank of Ghana headquarters, an audit has been initiated to address transparency issues. The project is part of the central bank’s broader infrastructure upgrade initiative.

    To assess cost alignment with prevailing market rates, the state-owned consultancy firm AESL has been commissioned to conduct a thorough evaluation and propose measures for cost efficiency.

    Reaffirming its dedication to responsible financial management, the Bank of Ghana emphasized its commitment to price stability as the nation works toward economic recovery.

    “The Bank of Ghana remains committed to its responsibility which is to ensure financial sector resilience and foster economic growth. These are the priorities that guide our action. As an independent Central Bank, we recognise that public trust is fundamental to our operations and that trust is built on transparency, sound decision making and a demonstrated commitment to prudent financial management,” the Governor added.

  • New BoG Governor confirms old headquarters lacked structural integrity

    New BoG Governor confirms old headquarters lacked structural integrity

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has confirmed that the central bank’s former headquarters was deemed structurally weak, necessitating the construction of a new facility.

    Addressing Parliament, Dr. Asiama provided insights into the decision-making process that led to the development of a new headquarters, stressing that discussions on the matter date back more than a decade.

    He revealed that initial considerations for a new building began in 2011 when the BoG board explored acquiring land for the project. However, the board was unable to finalize a location before its tenure ended.

    “Mr Speaker, even in 2016, when I was the Deputy Governor, the same issue was being considered; however, we could not settle on a specific location,” he stated.

    A comprehensive structural integrity audit was later conducted in 2019 under a new board, assessing the state of the existing headquarters, which was constructed in the late 1950s. The findings of this audit indicated that the building had deteriorated significantly over the years.

    “The existing headquarters had developed significant structural defects and was no longer fit for purpose,” he emphasised.

    Dr. Asiama’s remarks come amid scrutiny over the necessity and cost of the new BoG headquarters. However, he defended the decision, citing expert evaluations that underscored the need for a modern and structurally sound facility to support the bank’s operations.

    To facilitate the project, the BoG secured land at West Ridge, which was previously owned by the State Insurance Company (SIC). The government officially acquired the property through Executive Instrument 2020 (E.I. 304), designating the construction of the BoG headquarters as a national priority.

    The compulsory acquisition process began in 2019, and the Executive Instrument was published and gazetted in 2020. The site was subsequently handed over to the contractor in March 2021 to commence preliminary site works and designs.

  • BoG to pay $11.1m for furnishing of new headquarters – Dr Asiama

    BoG to pay $11.1m for furnishing of new headquarters – Dr Asiama

    The Bank of Ghana (BoG) is set to pay $11.1 million for the furnishing of its newly constructed headquarters at Ridge, Governor Dr. Johnson Asiama has revealed.

    Speaking before Parliament on Wednesday, March 5, Dr. Asiama detailed the financial commitments tied to the project after lawmakers from the National Democratic Congress (NDC) demanded a breakdown of costs, funding, and contract variations.

    He clarified that the entire project cost amounts to $261.8 million, of which $230 million had been paid as of February 2025, leaving an outstanding balance of $31.8 million.

    “Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he said.

    Beyond the main structure, additional costs were incurred for essential infrastructure, including:

    • ICT systems and network infrastructure – $8.6 million
    • Integrated electronic security systems – $15.8 million
    • Furniture and furnishings – $11.1 million

    Explaining the necessity of these expenditures, Dr. Asiama stated:

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank.”

    The headquarters, officially commissioned on November 20, 2024, by former President Nana Addo Dankwa Akufo-Addo, was designed to enhance the central bank’s operational efficiency with state-of-the-art technology and security systems. At the inauguration, Akufo-Addo emphasized its role in reinforcing Ghana’s financial infrastructure to meet global standards.

    OSP Investigates BoG Headquarters Project

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential procurement breaches in the project following a petition from Bawku Central MP Mahama Ayariga. The lawmaker raised concerns over cost escalations that allegedly lacked approval from the Public Procurement Authority (PPA).

    The investigation targets:

    • Former BoG Governor Dr. Ernest Addison
    • Former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi
    • Goldkey Properties Ltd (the project contractor)

    Ayariga disclosed that in response to his inquiries, Dr. Addison, in a letter dated August 22, 2023, refused to provide details on cost variations, citing “National Security” reasons.

    The OSP is yet to release its findings on the matter.

  • $48.3m paid in taxes and levies for new BoG headquarters – Governor

    $48.3m paid in taxes and levies for new BoG headquarters – Governor

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has disclosed that $48.3 million was paid in taxes and levies related to the construction of the central bank’s new headquarters at Ridge.

    Appearing before Parliament on Wednesday, March 5, Dr. Asiama provided a financial breakdown of the project in response to inquiries from National Democratic Congress (NDC) MPs. Lawmakers had demanded clarity on the total cost, funding sources, and variations in expenditure.

    He explained that out of the total project cost of $261.8 million, an amount of $230 million had already been paid as of February 2025, with $31.8 million still outstanding.

    “Mr. Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he stated.

    Beyond the main structure, additional contracts were awarded for key infrastructure, including:

    • ICT systems and network infrastructure – $8.6 million
    • Integrated electronic security systems – $15.8 million
    • Furniture and furnishings – $11.1 million

    Explaining the rationale behind these expenditures, Dr. Asiama said:

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank.”

    The new BoG headquarters was inaugurated on November 20, 2024, under former President Nana Addo Dankwa Akufo-Addo. The facility was designed to integrate modern technology and security systems, enhancing the efficiency of Ghana’s financial regulatory framework. During the commissioning, Akufo-Addo emphasized its significance in strengthening Ghana’s financial system to meet global standards.

    OSP Probes BoG Headquarters Project

    Meanwhile, the Office of the Special Prosecutor (OSP) has launched an investigation into possible procurement irregularities related to the project. This follows a petition from Bawku Central MP Mahama Ayariga, who questioned cost escalations without approval from the Public Procurement Authority (PPA).

    The probe is focusing on:

    • Former BoG Governor Dr. Ernest Addison
    • Former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi
    • Goldkey Properties Ltd (the project contractor)

    Ayariga revealed that in response to his inquiries, Dr. Addison, in a letter dated August 22, 2023, refused to disclose cost variations, citing “National Security” concerns.

    The OSP has yet to publish its findings on the matter.

  • Govt to pay $31m to complete payment for new BoG headquarters – Dr Asiama

    Govt to pay $31m to complete payment for new BoG headquarters – Dr Asiama

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that an outstanding amount of $31 million must be paid to cover the complete cost of the new Bank of Ghana headquarters located at Ridge.

    Dr. Johnson Asiama made this known when appeared before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    He noted that out of the total cost at $261.8 million, an amount of $230 million was paid in February this year for the project commissioned last year.

    “Mr Speaker, as of February this year, a total of 230 million dollars approximately has been paid towards the project with an outstanding balance of 31.8 million dollars to be paid to the contractor,” he said.

    According to the Bank of Ghana Governor, “a total of 48.3 million dollars has been paid in taxes and levies that were related to the construction.”

    Beyond the core building, separate contracts were awarded for other infrastructure. These include ICT systems and network infrastructure which was awarded at a cost of 8.6 million dollars. Integrated electronic security systems which was also awarded at a cost of 15.8 million dollars and furniture and furnishing that was also awarded at 11.1 million dollars.

    “These elements were included to ensure the Bank operates in a secure and technologically advanced environment in line with the needs of a modern central bank,” Dr Asiama explained.

    The official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo was held on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • Govt to pay $261.8m for new BoG headquarters first valued at $81m – Dr Asiama

    Govt to pay $261.8m for new BoG headquarters first valued at $81m – Dr Asiama

    Bank of Ghana (BoG) Governor, Dr. Johnson Asaima, has provided key insights into the cost of construction of the institution’s new headquarters, a project initiated under the Akufo-Addo administration.

    Appearing before Parliament on Wednesday, March 5, he disclosed that the budget of the project was first pegged at $81.8m and presented to the Public Project Authority (PPA) for further deliberation.

    However, he stated that following a re-evaluation by the Central Bank, the amount rose to $121.1 million. He further noted that the budget was later revised upward to $222.8 million, featuring redesign elements and other adjustments.

    “Mr Speaker the project was initially valued by the PPA at $81.8m but later increased to $121.1m after the Bank of Ghana requested for re-evaluation. This was revised again to $222.8m after the redesign and inclusion of building management system.

    “Mr Speaker there was also 33 requirements, security needs and sustainability consideration, as a result the total project cost increased to $261.8m,” he added.

    The new BoG’s headquarters site was formally handed over to the contractor in March 2021 for commencement of preliminary site works and designs.

    Later on, there was a review of the design, prompting the ETC of the Bank at its meeting held on 19th December 2022 to revise the project cost of USD2,068.00/m2.

    CTRC subsequently granted concurrent approval for the revised scope of works at cost of USD2,068.00/m2 on 17th January 2023.

    The land was compulsorily acquired by the Government of Ghana by Executive Instrument, 2020 E.I 304 for the New Bank of Ghana Headquarters, a building of national interest.

    The compulsory acquisition process started in 2019 and the Executive Instrument was published and gazetted in 2020.

    Former President Akufo-Addo officially inaugurated the Bank Square on November 20, 2024, before leaving office.







    previous government.

  • $230m was paid for new BoG headquarters in February 2025 – Governor Asiama

    $230m was paid for new BoG headquarters in February 2025 – Governor Asiama

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has revealed that government in February $230m out of the two-hundred and $261.8 million cost of the new BoG building which was constructed by the erstwhile government.

    He made this revelation during a presentation in Parliament earlier today Wednesday 5, 2025 following demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    The projected cost of the project was pegged at $81.8 million, however it increased after multiple reviews and adjustments, Mr Asiama added.

    “Mr Speaker as of February this year, a total of 280 million approximately has been paid toward the project with an outstanding balance of 31.8 million dollars yet to be paid to the contractor” he said.

    The governor also noted that $48.3 million had been paid in taxes and levies, and separate contracts were awarded for supporting infrastructure, including ICT systems, integrated electronic security systems, and furniture.

    Meanwhile, the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo was held on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.



  • LIVESTREAMING: BoG Governor briefs Parliament on cost, status of new headquarters

    LIVESTREAMING: BoG Governor briefs Parliament on cost, status of new headquarters

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is set to appear before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters, reportedly costing $250 million.

    His invitation follows demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    Majority Leader Mahama Ayariga emphasized the need for accountability and transparency in the project.

    The inquiry follows the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • National Economic Dialogue ends; stakeholders urge BoG-private sector collaboration, economic diversification 

    National Economic Dialogue ends; stakeholders urge BoG-private sector collaboration, economic diversification 

    The Mahama-led government’s National Economic Dialogue (NED), that brought together economic experts, policymakers, business leaders, and other stakeholders to discuss Ghana’s economic challenges and propose lasting solutions, was brought to a successful end on Tuesday, March 4.

    The two-day forum, themed “Resetting Ghana: Building the Economy We Want Together,” focused on fostering inclusive discussions and developing practical policy recommendations to address the country’s economic difficulties.

    Participants proposed strategies, programs, such as collaboration between the Central Bank and private sector while others also suggested extended investment incentives to local businesses by the government.

    Speaking at the event, Managing Director of the Ghana Stock Exchange, Abena Amoah, emphasized the need for greater collaboration between the Bank of Ghana (BoG) and industry players. She argued that direct engagement would better align monetary policies with business realities, ultimately fostering investment, job creation, and economic expansion.

    “We believe that the macroeconomy is often disconnected from the private sector. So, Governor, we want the private sector to meet with you and the Monetary Policy Committee (MPC) frequently—at least twice a year—so you can hear our concerns and see how the tools you have can support growth and employment for Ghana,” she stated.

    Similarly, Mavis Owusu-Gyamfi, President of the African Center for Economic Transformation (ACET), stressed the importance of strategic policies to strengthen Ghana’s economy. She called on the government to extend investment incentives to local businesses just as it does for foreign direct investors, highlighting their crucial role in national development.

    “Offer investment incentives to your large local businesses the same way you do for foreign direct investments,” she advised.

    “Remember, your large businesses have options on where to invest, so let’s prioritize supporting them,” she added.

    Meanwhile, the Chief Executive of the Millennium Development Authority (MiDA), Alexander Kofi-Mensah Mould has reassured that the outcomes of the National Economic Dialogue (NED), will not be shelved as speculated by a section of concerned Ghanaians.

    “MiDA is committed to ensuring that resolutions from the dialogue translate into tangible, game-changing projects including other transformational projects in the NDC‘s manifesto” Alex Mould emphasized.

    The dialogue featured a distinguished lineup of speakers, including Mr. Leslie Dwight Mensah, Prof. Ebo Turkson, Mrs. Abena Osei-Poku, Mr. David Ofosu-Dorte, Dr. Elikplim Kwabla Apetorgbor, and Mr. Franklin Cudjoe, who shared valuable insights and policy recommendations.

    Discussions were guided by expert moderators, including Dr. Paul Acquah (former BoG Governor under the Kufuor administration), Dr. Edward K. Brown, Mr. Joe Mensah, Mr. Felix Addo, Prof. K. K. Sarpong, and Dr. Emmanuel Akwetey of the Institute for Democratic Governance (IDEG).

    The opposition New Patriotic Party (NPP) did not attend the two-day dialogue, which drew criticism from a section from the general public. The party criticized the event, calling it a distraction and expressing skepticism about its effectiveness. 

  • Gold-for-Oil initiative suspended as BoG reviews policy

    Gold-for-Oil initiative suspended as BoG reviews policy

    The Bank of Ghana (BoG) has suspended the Gold-for-Oil programme due to policy and operational challenges that have resulted in financial losses.

    The initiative, introduced to reduce reliance on foreign exchange for fuel imports and stabilize fuel prices, is on hold as the Central Bank reviews its economic strategy.

    In an interview with Bloomberg, BoG Governor Dr. Johnson Asiama acknowledged the challenges, stating, “We have had to incur some losses on that, so we have put some suspension on the trade.”

    However, he did not specify the exact issues leading to the decision. Dr. Asiama remains optimistic about Ghana’s economic trajectory, highlighting improvements in the stability of the cedi following last year’s fluctuations.

    “We intend to maintain an appropriate monetary policy stance. Together with commitments to fiscal discipline under the administration of President John Mahama, this should help us maintain stability in the foreign exchange markets,” he assured.

  • Goldbod to takeover Ghana’s gold purchases’ role – BoG Governor

    Goldbod to takeover Ghana’s gold purchases’ role – BoG Governor

    The Bank of Ghana (BoG) is considering stepping back from its direct involvement in gold procurement, paving the way for a newly established Gold Board to take charge of bullion purchases.

    Governor of the Bank of Ghana, Dr. Johnson Asiama, disclosed in an interview with Bloomberg that this transition is aimed at enhancing efficiency in the sector and ensuring a more structured approach to managing Ghana’s gold resources.

    “The central bank may remove itself from the programme to purchase bullion and hand the role to a soon-to-be-established Gold Board,” he stated.

    The establishment of the Gold Board is expected to improve transparency in the gold trade, regulate transactions, and optimise purchases for national reserves.

    Industry experts believe that shifting the responsibility to a specialised entity will streamline operations, strengthen oversight, and allow the central bank to focus on its core monetary functions.

    The move aligns with broader efforts to fortify Ghana’s gold industry, maximise economic gains, and enhance the country’s position in global bullion markets.

  • Banks to cut interest rates if BoG revises cash reserve ratio

    Banks to cut interest rates if BoG revises cash reserve ratio

    Banks have indicated their readiness to swiftly cut interest rates if the Bank of Ghana (BoG) revises the Cash Reserve Ratio (CRR).

    They have also assured that steps will be taken to enhance financial support for businesses, highlighting how the existing policy has affected their cash flow and lending capacity.

    Victor Yaw Asante, the Managing Director and CEO of First Bank Ghana, shared this information on PM Express Business Edition with George Wiafe on February 27, 2025.

    In 2024, the BoG introduced a revised CRR framework, linking reserve requirements to the loan-to-deposit ratio (LDR) of banks.

    This initiative was designed to absorb excess liquidity in the banking sector. Under the updated framework, banks with loan-to-deposit ratios below 40 percent are required to maintain a 25 percent Cash Reserve Ratio (CRR), while those with ratios between 40 and 55 percent must hold 20 percent. Banks that exceed a 55 percent loan-to-deposit ratio are subject to a lower CRR of 15 percent.

    Speaking on the program, Mr. Asante emphasized that if the Bank of Ghana responds favorably to the request, it would greatly enhance banking operations.

    He stated that they had made a strong appeal to the central bank and were hopeful that the issue would be addressed soon.

    “We should also try and deal with expectations as well as manage things in a way that build trust”, Director noted

    In recent months, the Ghanaian cedi has shown relative stability against the US dollar. Mr. Asante stressed the importance of strengthening the country’s export earnings to build foreign reserves. He urged the Bank of Ghana to adopt strategic measures to manage foreign exchange challenges without direct intervention in the market.

  • BoG Governor updates Parliament on scope, cost of new headquarters on March 5

    BoG Governor updates Parliament on scope, cost of new headquarters on March 5

    Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, is set to appear before Parliament on Wednesday, March 5, to provide details on the construction of the central bank’s new headquarters, reportedly costing $250 million.

    His invitation follows demands from National Democratic Congress (NDC) Members of Parliament (MPs) for a breakdown of the project’s financing, cost variations, scope, and timeline.

    Addressing lawmakers, Majority Leader Mahama Ayariga emphasized the need for accountability and transparency in the project.

    “We have decided at the committee meeting that next week, Wednesday, we will invite the Governor of the Bank of Ghana, as an independent constitutional body, to come to this house to brief us on the pricing of the new Bank of Ghana head office building. We want to know how the price variation took place, how quantities were, and the justification for the need for a new Bank of Ghana Headquarters,” he stated.

    The inquiry follows the official inauguration of the Bank Square by former President Nana Addo Dankwa Akufo-Addo on November 20, 2024. The facility was designed to integrate advanced technology with modern architecture to enhance the BoG’s capacity in regulating Ghana’s financial system.

    During the inauguration, former President Akufo-Addo highlighted the significance of the new headquarters in strengthening Ghana’s financial infrastructure and aligning it with global standards.

    Meanwhile, the Office of the Special Prosecutor (OSP) is investigating potential corruption in the procurement process of the BoG headquarters. This probe was initiated in response to a petition from Bawku Central MP Mahama Ayariga, who raised concerns over cost escalations without approval from the Public Procurement Authority (PPA).

    The investigation targets former BoG Governor Dr. Ernest Addison, former Deputy Governors Dr. Maxwell Opoku-Afari and Mrs. Elsie Addo Awadzi, as well as the project contractor, Goldkey Properties Ltd.

    Ayariga disclosed that in response to his inquiries, Dr. Addison cited “National Security” as the reason for withholding details on project cost variations in a letter dated August 22, 2023. The OSP has yet to release its findings to the public.

  • Isaac Adongo, Asiama and 10 others appointed Board members of BoG

    Isaac Adongo, Asiama and 10 others appointed Board members of BoG

    President John Mahama has appointed a new 12-member governing board for the Bank of Ghana, with Dr. Johnson Pandit Asiama as chairman and his deputy, Dr. Zakari Mumuni, serving as vice-chair.

    The appointment, made in consultation with the Council of State and in line with the Bank of Ghana Act, was announced in a communiqué released by Minister of State in charge of Government Communication, Felix Ofosu Kwakye, on Wednesday, February 26.

    The board includes Bolgatanga Central Member of Parliament, Isaac Adongo, and deputy finance minister nominee, Thomas Nyarko Ampem. Other appointees are Nana Akua Ayivora, Emma Akua Bulley, Dr. Stephen Senyo Sapati, and Joseph W. Asamoah. The remaining members are Kizzita Mensah, Beatrice Feehi Annangfio, Evelyn Naa Checher Kwatia, and Mr. Augustine Fritz Gockel.

    The appointments follow the swearing-in of BoG Governor Dr. Asiama and his deputy Dr. Mumuni by President Mahama on Tuesday, February 25, at the Jubilee House.

  • BoG will operate free from political interference – Mahama pledges

    BoG will operate free from political interference – Mahama pledges

    President John Mahama has reaffirmed his commitment to safeguarding the independence of the Bank of Ghana (BoG), assuring that his administration will not interfere with the central bank’s operations.

    Speaking at the swearing-in ceremony of Dr. Johnson Asiama as Governor of the BoG and Dr. Zakari Mumuni as First Deputy Governor at the Jubilee House, Mahama stressed the importance of maintaining fiscal discipline and protecting the financial sector from political influence.

    He assured Ghanaians that his government would steer clear of political interference in monetary policy.

    “As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate. This is the path to building a resilient economy, one where policies are driven by discipline, foresight, and the best interest of the Ghanaian people,” Mahama said.

    He warned of the dangers of reckless monetary practices, highlighting how unregulated money printing could destabilize the economy.

    “The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama stated.

    “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation and erosion of incomes to driving millions into poverty.”

    Mahama emphasized his administration’s dedication to upholding responsible fiscal management and ensuring that the BoG functions within its legal framework. “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana,” he said.

    In what appeared to be a swipe at the previous administration led by former President Nana Akufo-Addo, Mahama remarked, “One thing for sure… I am not going to ask you to print more money.”

    This follows concerns raised over the BoG’s decision to print GH¢35 billion in 2021 and GH¢42 billion in 2022 to support government spending, as revealed in its 2022 annual report and financial statements. The then-Minority Caucus in Parliament criticized the move, arguing that it violated Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

    At the same event, newly appointed Governor Dr. Johnson Asiama pledged to rebuild trust in the financial system by fostering transparency, stability, and innovation.

    “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity,” Dr. Asiama said.

    He further emphasized the Bank’s renewed commitment to restoring confidence in Ghana’s financial landscape. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he added.

    Promising to serve with fairness and integrity, Dr. Asiama declared, “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.”

    Dr. Asiama’s appointment follows the decision of outgoing Governor Dr. Ernest Addison to proceed on leave ahead of his retirement on March 31, 2025.

    With prior experience as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017, Dr. Asiama brings a wealth of expertise to lead the institution into this new chapter.

  • I won’t ask you print more money – Mahama tells new BoG Governor

    I won’t ask you print more money – Mahama tells new BoG Governor

    President John Mahama has assured Ghanaians that his administration will uphold fiscal responsibility and avoid exerting political pressure on the Bank of Ghana (BoG) to print money for government spending.

    Speaking at the swearing-in ceremony for the newly appointed Governor of the Bank of Ghana, Dr. Johnson Asiama, and his First Deputy, Dr. Zakari Mumuni, at the Jubilee House on Tuesday, Mahama emphasized the dangers of reckless monetary policies, pledging not to repeat mistakes of the past.

    “The lessons of the past remind us of the dangers of fiscal recklessness and the lasting harm it can inflict on an economy,” Mahama stated. “When government resorts to unsustainable consumption, expenditure financed by excessive and unregulated printing of money, the consequences can be severe—from spiralling inflation and income erosion to driving millions into poverty.”

    He further underscored the importance of preserving the BoG’s independence, stating, “To safeguard our economy from these risks, we must uphold responsible fiscal management, strict adherence to legal and regulatory frameworks, and protect the independence of the Bank of Ghana. As President, I am committed to ensuring that the Central Bank operates free from political interference, guided solely by its mandate.”

    In a pointed remark that appeared to reference the previous administration under former President Nana Akufo-Addo, Mahama added, “One thing for sure… I am not going to ask you to print more money.”

    This comment echoes earlier controversies surrounding the BoG’s 2022 annual report, which revealed that the central bank had printed GH¢35 billion in 2021 and GH¢42 billion in 2022 to finance government expenditure. The Minority Caucus in Parliament criticized these actions of the BoG then led by Dr Ernest Addison, claiming they breached Section 30 of the BoG (Amendment) Act, 2016 (ACT 918).

    Meanwhile, newly sworn-in Governor Dr. Johnson Asiama reaffirmed his dedication to revitalizing public confidence in the financial sector through responsible governance, innovation, and transparency.

    Outlining his vision, Dr. Asiama said, “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

    He also stressed the importance of restoring trust in the sector, describing the Bank’s new direction as a tangible commitment to rebuilding confidence. “This ‘reset path’ goes beyond words—it represents real actions aimed at strengthening public trust,” he said.

    Pledging to serve with integrity and impartiality, Dr. Asiama affirmed, “As I take this oath of office, I do so with a solemn promise to the people of Ghana—to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana.”

    His appointment follows the departure of outgoing Governor Dr. Ernest Addison, who is set to retire on March 31, 2025, after officially proceeding on leave.

    Dr. Asiama brings significant experience to the role, having previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017.

  • We will provide a secure financial system that will aid growth of businesses – BoG Governor

    We will provide a secure financial system that will aid growth of businesses – BoG Governor

    Newly sworn-in Governor of the Bank of Ghana, Dr. Johnson Asiama, has pledged to strengthen public confidence in Ghana’s financial sector by promoting stability, transparency, and innovation.

    Speaking at his swearing-in ceremony on Tuesday, February 25, Dr. Asiama outlined his commitment to steering the nation’s economy toward a future-ready and stable financial system through responsible governance, digital transformation, and sound economic policies.

    Emphasizing the importance of rebuilding trust, he stated, “We will create an economic and financial system that is transparent, predictable, and stable. Businesses will have the confidence to plan, and individuals will have access to a secure financial system that fosters growth and opportunity.”

    Highlighting the Bank’s renewed focus, he added that this “reset path” was more than just a pledge—it represented tangible actions aimed at restoring public trust in the financial sector.

    Dr. Asiama also assured Ghanaians of his dedication to serving with fairness and integrity. “As I take this oath of office, I do so with a solemn promise to the people of Ghana. That is to serve with diligence, impartiality, and unwavering commitment to the mandate of the Bank of Ghana,” he affirmed.

    He appealed for the cooperation and trust of all stakeholders, emphasizing that the success of this new chapter would depend on collective effort. “We seek the support, partnership, and trust of the people of Ghana as we embark on this journey to foster growth and opportunity for our country,” he said.

    Dr. Asiama’s appointment follows the early departure of outgoing Governor Dr. Ernest Addison, who is set to retire on March 31, 2025, after officially requesting to proceed on leave.

    Bringing extensive experience to the role, Dr. Asiama previously served as the Second Deputy Governor of the Bank of Ghana from 2016 to 2017. His return to the institution signals a renewed focus on financial stability and economic resilience.

  • Elsie Addo Awadzi retires at Second Dep. BoG Governor

    Elsie Addo Awadzi retires at Second Dep. BoG Governor

    Elsie Addo Awadzi, the Second Deputy Governor of the Bank of Ghana (BoG), has officially announced her retirement from the Central Bank, set to take effect on February 28.

    The Presidency confirmed her decision in a statement released on Friday, February 7, 2025, acknowledging her years of dedicated service to the institution and the country’s financial sector.

    President John Dramani Mahama accepted her early retirement and extended his appreciation for her contributions to economic governance and financial stability.

    “The President thanks Mrs. Elsie Addo Awadzi for her distinguished service to the Bank and the Republic and wishes her well in her future endeavors,” the statement read.

    During her tenure at the Bank of Ghana, Awadzi played a key role in strengthening monetary policy and ensuring stability in the financial sector. Her leadership was instrumental in shaping policies that promoted economic resilience.

    As she departs from her position, her impact on Ghana’s banking sector remains significant, with expectations that her expertise will continue to influence financial governance beyond the Central Bank.

  • Afenyo-Markin’s opposition to BoG Governor’s assumption of duty lacks basis, an error of law – Dafemekpor

    Afenyo-Markin’s opposition to BoG Governor’s assumption of duty lacks basis, an error of law – Dafemekpor

    Majority Chief Whip and Member of Parliament for South Dayi, Nelson-Rockson Dafemekpor, has criticized Minority Leader Alexander Afenyo-Markin’s objections regarding the assumption of duty by the newly appointed Bank of Ghana (BoG) Governor, Dr. Johnson Asiamah.

    Afenyo-Markin had previously written to President John Mahama, raising concerns that Dr. Asiamah had started his duties before receiving approval from the Council of State.

    This, he argued, could set a dangerous precedent. The Minority Leader cited a media report about Dr. Asiamah’s activities at the bank following a brief engagement with the BoG management on February 3.

    Afenyo-Markin compared the situation to a judicial nominee presiding over court cases before receiving the proper approvals, calling it “inappropriate.”

    In a response posted on the social media platform X, Mr. Dafemekpor refuted Afenyo-Markin’s criticism, pointing out that no law had been cited to support the Minority Leader’s claims.

    “Now, it’s curious that Hon. Afenyo-Markin is lamenting the official presence of the new Governor at BoG yet he was unable to point to any law that has been breached in that regard,” he said.

    Dafemekpor also referenced a previous court case, highlighting a ruling that clarified the President’s authority in such matters.

    “In the case of GBA & Ors vrs. AG & Ors [2016] GHA SC 43… Dotse JSC (as he then was) delivering a concurring opinion… had this to say to the Hon. Afenyo-Markin as Counsel for the Plaintiff in the 1st case: ‘In conclusion, I want to reiterate the point that, whilst the President is mandated to seek the advice of the Judicial Council, and consult with the Council of State in the appointment process of Supreme Court Judges with the approval of Parliament, those advisory opinions are not binding on the President.’”

    From this, Dafemekpor concluded that Dr. Asiamah’s assumption of duty was legally justified, irrespective of pending approval.

    “So it is clear from the above SC decision that, the appointment by Dr. Johnson Asiamah as the new BoG Governor (pending the advice from the CoS though) is a fait accompli, because the SC says any such advice is NOT BINDING ON THE PREZ.”

    Dafemekpor went on to address Afenyo-Markin’s letter, saying that his suggestions were legally flawed.

    “Interestingly, even though, the Hon. Afenyo-Markin says in para 7 of his odd letter to the Prez of the Republic that, the new Governor should refrain from any official engagements, yet the same man suggests that the Governor can receive briefings awaiting confirmation. Que? In what form and manner will any such briefings take? Wouldn’t it be in a meeting? And won’t such meetings be held in BoG premises?”

    Concluding his remarks, Dafemekpor stated that Afenyo-Markin’s letter lacked legal merit, calling it “hot air” and an “error of law.”

  • New BoG Governor assures of institution’s independence

    New BoG Governor assures of institution’s independence

    Dr. Johnson Asiama, the newly appointed Governor of the Bank of Ghana (BoG), has pledged to safeguard the independence of the institution and ensure a seamless transition into his new role.

    Speaking after assuming office, Dr. Asiama emphasized that his primary goal is to uphold the autonomy of the central bank while fostering a smooth handover of responsibilities. His comments were made during a meeting with the Bank’s Deputy Governors, Dr. Maxwell Opoku-Afari and Elsie Addo Awadzie.

    “The President believes that this approach reinforces our independence and facilitates a smooth transition,” Dr. Asiama said, assuring both stakeholders and the public that the transition would be without complications.

    He further added, “The public must see us working together because it’s just another transition.”

    Dr. Asiama also noted that key personnel at the Central Bank are already familiar to him, which should make the transition process even smoother. “We should not see the transition as a problem for us at all,” he remarked.

    As the new Governor, he reaffirmed his commitment to the mandate of the Bank, ensuring that the market would experience no disruptions during his tenure.

    Dr. Asiama officially took over as Governor of the Bank of Ghana after Dr. Ernest Addison began his terminal leave on February 3, 2025, ahead of his retirement. Dr. Addison’s tenure will officially conclude on March 28, 2025, as per the provisions of the Bank of Ghana Act, 2002 (Act 612), as amended.

  • Addison proceeds on leave, Dr. Johnson Asiamah appointed BoG Governor

    Addison proceeds on leave, Dr. Johnson Asiamah appointed BoG Governor

    President John Dramani Mahama has appointed Dr. Johnson Asiamah for the role of Governor of the Bank of Ghana, subject to the approval of the Council of State.

    This decision follows a formal request from the current Governor, Dr. Ernest Addison, to take a leave of absence ahead of his planned retirement on March 31, 2025.

    Dr. Asiamah, who previously held the position of Second Deputy Governor of the Bank of Ghana between 2016 and 2017, earned his PhD in Economics from the University of Southampton in the UK. His career spans extensive expertise in shaping monetary policies, regulating financial stability, and conducting economic research.

    With over 23 years of service at the Bank of Ghana, Dr. Asiamah has consistently shown his commitment to developing sound monetary policies, stabilizing the financial sector, and contributing to the nation’s economic growth.

  • BoG hammers on financial inclusion for persons with disabilities

    BoG hammers on financial inclusion for persons with disabilities

    The Bank of Ghana (BoG) has reinforced its commitment to ensuring financial inclusion for persons with disabilities (PWDs) by issuing a directive aimed at breaking down barriers in accessing financial services.

    This directive aligns with global financial inclusion standards, which emphasize secure, efficient, and accessible financial systems. It mandates financial service providers to improve service accessibility, expand service points, enhance interoperability, and implement targeted financial literacy programs for PWDs.

    Citing legal backing, the central bank referenced key legislations, including the Persons with Disability Act, 2006 (Act 715), the Borrowers and Lenders Act, 2020 (Act 1052), the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930), and the Payment Systems and Services Act, 2019 (Act 987). These laws provide the framework for ensuring that PWDs have equitable access to financial products and services.

    The directive seeks to increase accessibility and usability of financial products for PWDs while compelling financial institutions to develop policies and infrastructure that promote inclusive banking. It is also guided by the principles of the UN Convention on the Rights of Persons with Disabilities, reinforcing the need for proactive measures to eliminate obstacles faced by PWDs in financial transactions.

    Penalties for Non-Compliance

    The BoG has made it clear that institutions failing to comply with the directive will face strict penalties.

    “A Financial Service Provider that fails to institute policies, procedures, and facilities as prescribed by this directive shall be liable to an administrative penalty of not less than two thousand penalty units,” the directive warns.

    This sanction is enforced under section 92 (8) of the Banks and Specialised Deposit Taking Institutions Act, 2016 (Act 930) and section 44 (3) of the Non-Bank Financial Institution Act, 2008 (Act 774).

  • External debt at $27.6bn; GHC761.0bn total debt as of Nov 2024 – BoG

    External debt at $27.6bn; GHC761.0bn total debt as of Nov 2024 – BoG

    Ghana’s total public debt stood at GHC761.0 billion by November 2024, reflecting a month-on-month decrease of GH¢24.1 billion, according to the Bank of Ghana’s January 2025 Summary of Financial and Economic Data.

    This decline in the overall debt was attributed to the successful restructuring of the country’s external debt, which significantly reduced its external debt component.

    In dollar terms, Ghana’s total debt was valued at US$47.9 billion as of November 2024, a decrease from US$51.6 billion recorded in the same month the previous year. This level of debt equates to 72.2% of the nation’s Gross Domestic Product (GDP).

    The external debt, which plays a significant role in the country’s financial structure, was reported at US$27.6 billion in November 2024. This figure is notably lower than the US$30 billion recorded in November 2023, and represents a decrease from US$32.0 billion in both September and October 2024.

    Conversely, domestic debt saw an upward trend, rising to GH¢311.7 billion as of November 2024, which accounts for about 30.5% of GDP. This increase is attributed to the government’s persistent borrowing from the treasury market, with domestic debt sitting at GH¢275.8 billion in February 2024.

    Although data from August 2024 to December 2024 on government fiscal operations was not available, the fiscal deficit to GDP stood at 3.9% as of July 2024, while the primary balance reflected a deficit of 1.8% of GDP during the same period.

    As of November 2024, Ghana’s economy was valued at GH¢1.020 trillion, with continued fiscal challenges and external debt restructuring efforts forming the core of the country’s ongoing economic management strategy.

    Summary-of-Economic-and-Financial-Data-January-2025Download
  • BoG records 2.4% cedi depreciation to dollar in January

    BoG records 2.4% cedi depreciation to dollar in January

    The Ghana cedi depreciated by 2.4% against the US dollar in January 2025, marking a sharper decline compared to the 1.3% recorded during the same period last year, the Bank of Ghana has revealed.

    By the end of January, the local currency was trading at GH¢15.06 to the US dollar on the interbank market. Similarly, the cedi weakened by 3.0% against the euro, selling at GH¢15.69, and depreciated by 0.8% against the British pound, which traded at GH¢18.55.

    In the retail forex market, the cedi’s performance was even more concerning. As of January 17, 2025, the local currency had depreciated by 2.94% to the dollar, bringing its year-to-date loss to 3.87%.

    This decline was driven by heightened demand from the manufacturing and energy sectors, coupled with the Bank of Ghana’s auction of its first US$20 million to Bulk Oil Distribution Companies (BDCs).

    The cedi’s depreciation to the dollar in January was its steepest decline since the start of the year, with the currency trading at a mid-rate of GH¢16.15 per dollar during the third week of the month.

    Market analysts attribute the cedi’s challenges to sustained pressure from key sectors and the demand for foreign exchange. The Bank of Ghana’s interventions, such as the forex auction, aim to stabilize the currency, but rising demand for dollars continues to exert downward pressure.

  • BoG adjusts gold coin rates following global gold price rise

    BoG adjusts gold coin rates following global gold price rise

    The Bank of Ghana (BoG) has announced a modest price adjustment for its gold coins, in line with the recent surge in global gold market prices.

    The coins, available in 0.25oz, 0.50oz, and 1oz denominations, are now priced at GHS 11,248, GHS 21,623, and GHS 42,435, respectively.

    This price increase coincides with gold prices on the London Bullion Market Association (LBMA) reaching $2,715 per ounce on January 20, 2025, fueled by high demand amidst global economic uncertainties.

    The BoG’s Ghana Gold Coin (GGC) initiative, launched as part of its domestic gold strategy, provides Ghanaians with a viable alternative investment while addressing broader economic challenges.

    The program is designed to absorb excess liquidity in the market, reinforcing the Ghanaian Cedi and stabilizing the local currency.

    The central bank urges investors to closely monitor fluctuations in gold prices and exchange rates, as these elements directly affect the value of the gold coins.

    The GGC initiative presents an excellent opportunity for individuals to diversify their investment portfolios, participate in the global gold market, and contribute to both their financial well-being and the country’s economic resilience.

  • BoG can’t resolve inflation challenges, cross-sectoral approach needed – GSS

    BoG can’t resolve inflation challenges, cross-sectoral approach needed – GSS

    The Ghana Statistical Service (GSS) has emphasized the need for a collaborative, cross-sectoral approach to addressing inflation, stressing that the responsibility should not fall solely on the Bank of Ghana (BoG).

    The GSS has called for the inclusion of all government ministries in efforts to curb rising inflation and ensure economic stability.

    Historically, the BoG has relied on monetary policy tools such as interest rate adjustments to manage inflation. In 2022, the Bank implemented record-high interest rates as part of its inflation control strategy. By September 2024, the BoG reduced its monetary policy rate to 27%, the second rate cut since 2021, to ease borrowing costs and address inflationary pressures. Prior to this, the policy rate had been held at 29% for nine months following a reduction from 30% in January 2024.

    However, despite these measures, recent GSS data revealed that the government missed its end-of-year inflation target of 15%, as inflation surged for the fourth consecutive month, reaching 23.8% in December 2024, up from 23.0% in November. The increase was largely driven by rising food prices.

    In response, the Government Statistician, Professor Samuel Kobina Annim, reiterated the importance of a comprehensive strategy involving multiple ministries to tackle the root causes of inflation. Government Statistician, Professor Samuel Kobina Annim, stressed the necessity of moving the focus beyond the Central Bank’s actions alone.

    “We definitely need to move the conversation away from a Central Bank’s responsibility alone. We need to tackle inflation at least from two perspectives. Every sector ministry we talk about in our release should be responsible,” he said.

    “Our conversation focuses on the Ministry of Food and Agriculture. But, if you look at the items – transport, housing, water, electricity and gas are dominant divisions. These ministries should be part of the conversation in driving down the rate of inflation,” he added.

    Prof. Annim further highlighted the need for a multi-ministerial approach, emphasizing the importance of coordinated efforts.

    “It will be a challenge speaking directly to what different state institutions should be doing differently. Especially, when you don’t know the details of what they are doing, apart from what you are told or you read.

    “On the back of this, it will be important we step back and look at how Ghana Statistical Service is promoting the granular data from the headline figure. So we are calling for an inter-ministerial engagement if we want to bring down the rate of inflation,” he concluded.