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Bank of Ghana (BOG) – Banking Company | Ghana Banks

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Bank of Ghana (BOG)

The Bank of Ghana abbreviated as BOG is Ghana’s central bank and is in charge of monitoring the country’s monetary policies in addition to maintaining its financial stability. The primary responsibilities of the bank are the distribution of currency, the management of the money supply, and the oversight of the banking industry. Additionally, it serves as the banker for the government and offers banking services to a variety of other institutions. It is the responsibility of the Bank of Ghana to ensure both the expansion and maintenance of the Ghanaian economy.

Bank of Ghana head office

General Enquires

BOG Gold Purchase Programe

The Vice President, Dr. Mahamudu Bawumia, has hailed the decision by the Bank of Ghana to implement a Gold Purchase Programme designed to purchase locally-produced gold, describing it as a masterstroke in the quest for stronger macroeconomic management and in providing a bulwark for the Cedi.

Addressing participants at the Ghana Gold Expo 2021 (Ghana Mining Week ’21), a mining policy forum, in Takoradi, on Thursday, July 1, 2021, Vice President Bawumia said the benefits of having a healthy amount of physical gold in a country’s reserves are varied and enormous, including shoring up the value of the local currency. The BoG decision, he indicated, is a “game changer.”

Bank of Ghana Digital Currency (CBDC)

The Bank of  Ghana (BoG) is allegedly moving towards the presentation of a central bank digital cash (CBDC) exploration.

Ghana is striving to become the first African country to glide a central bank digital cash.

Talking during a news meeting in Ghana’s capital, Accra, on Monday, Ernest Addison, the legislative head of the country’s central bank uncovered that the Bank of Ghana was in the high-level phases of making a CBDC.

As a component of his location, Addison said that the arranged e-cedi will go through formative and assessment stages before a choice will be made on a public rollout.

According to the Bank of Ghana lead representative, the last stage will include a pilot study to settle issues concerning practicality before the CBDC goes into national circulation.

Specifying the interaction made up until now, Addison said that the planning stage is as of now approaching consummation with the execution group on reserve for stage two. The pilot study will allegedly include a restricted rollout of the arranged e-cedi for versatile installments.

Bank of Ghana reduces policy rate to 13.5%

The Bank of Ghana (BoG) has cut its benchmark rate, the policy rate by 100 basis points (bps), signaling a return to monetary easing after a year of tightening.

The bank reduced the rate from 14.5 percent to 13.5 percent today after concluding its 100th Monetary Policy Committee (MPC) meeting on May 29.

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, who seats the seven-member council, said at a news meeting in Accra yesterday that the decrease in the rate followed the waning in risks to the inflation and growth outlooks, which had occasioned a supported rate-hold between May 2020 and March this year.

He said the bank presently expected the rate slice to mix with current financial and money-related strategies to help development when data showed a more grounded bounce back in monetary exercises.

A few experts, nonetheless, told the media that the cut was “a huge shock” given that inflation had not fully stabilized in spite of falling from 10.3 percent in March to 8.5 percent in April.

 

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