Saturday, September 6, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

BoG sets up taskforce to sanitize market for Cedi stability

admin by admin
May 28, 2024
in Business
0
Share on FacebookShare on Twitter

You might also like

United Bank for Africa

UBA Ghana’s forex licence suspended over regulatory breaches

September 5, 2025
BoG stability growth BoG Taptap Send

BoG suspends Taptap Send and 4 others over money transfer breaches

September 5, 2025

The Bank of Ghana (BoG) has established a task force to enhance regulatory compliance by monitoring all foreign exchange bureaus in an effort to curb the depreciation of the Cedi.
The bank stated that it is fully aware of the operations of illegal operators in the foreign exchange market and is collaborating with the financial intelligence center to sanitize the market.
Dr. Ernest Addison, the Governor of the Bank of Ghana, announced at a press briefing on Monday, May 27, that the Bank remains fully committed to providing stability in the exchange rate for the Cedi.
As of May 22, 2024, the Cedi has depreciated by 14.6% against the US dollar on a year-to-date basis, compared to a 21.8 percent depreciation in the first five months of 2023.
The Governor has ordered all foreign exchange bureaus advertising rates outside their premises and on social media platforms to cease such practices immediately.
He stated that the Central Bank has taken measures to improve market conduct and instill order in the foreign exchange market.
“To this end, the bank has worked with the Ghana Association of Banks to streamline documentation requirements for foreign payments to minimize the incentives to resort to informal markets,” he said.
Dr. Addison reported that the Bank has adequate reserves to manage shocks to the foreign exchange market, having added over US$600 million to the reserve levels in the first five months of 2024 (January to May).
“The improved reserves position is also backed by strong liquid monetary holdings of over 26.6 pounds, estimated at 2.1 billion US dollars, as a result of the very successful domestic gold purchase program,” he said.
On the demand side, Dr. Addison mentioned that the Bank has taken steps in the past few weeks to directly absorb the foreign exchange needs of some corporate institutions, leading to a reduced pipeline demand for forex from commercial banks.
He also noted that the foreign exchange market is influenced by sentiments and pronouncements made during this election year, urging everyone to manage statements that could weaken confidence in the local economy.

Post Views: 181
Tags: CedisNewscentaStabilitytaskforce
admin

admin

Related Stories

United Bank for Africa

UBA Ghana’s forex licence suspended over regulatory breaches

by Kojo Emmanuel
September 5, 2025
0

The Bank of Ghana (BoG) has suspended the foreign exchange trading licence of United Bank for Africa (UBA) Ghana for...

BoG stability growth BoG Taptap Send

BoG suspends Taptap Send and 4 others over money transfer breaches

by Kojo Emmanuel
September 5, 2025
0

The Bank of Ghana (BoG) has suspended the remittance partnerships of five Money Transfer Operators (MTOs) — Taptap Send, Top...

Inflation May rate August

Inflation rate slowed to 11.5% in August

by NewsCenta
September 3, 2025
0

The rate of inflation slowed to 11.5 per cent year on year in August from 12.1 per cent in July,...

Treasury Bill undersubscription

Treasury Bill auction records 47.69% undersubscription

by NewsCenta
September 1, 2025
0

The latest government Treasury bill auction ended in significant undersubscription, as investor demand fell short of expectations despite marginal declines...

Recommended

DStv Sam George

DStv denies agreeing to reduce prices as Sam George claimed

September 5, 2025
Ivory Coast NADMO

13,000 Ghanaian refugees in Ivory Coast need support — NADMO

September 5, 2025
Court Ashie Moore

Court throws out Ashie Moore in $1.5m case with Singaporean

September 5, 2025

Popular Story

  • Songs Daddy Lumba

    See the list of over 200 songs Daddy Lumba released

    738 shares
    Share 295 Tweet 185
  • Gold-backed policies since 2021 driving economic gains — BoG

    711 shares
    Share 284 Tweet 178
  • 10 of top 11 causes of death killing more men in Ghana

    698 shares
    Share 279 Tweet 175
  • Bissue floors High Court and OSP at Supreme Court

    690 shares
    Share 276 Tweet 173
  • Monday, May 26, 2025 Newspaper Headlines

    679 shares
    Share 272 Tweet 170
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About Us
  • Contact Us
  • Health
  • Education
  • Mining
  • Energy
  • Telecoms
  • Agriculture
  • Opinion
  • Trade
  • Newspaper Headlines

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.

Connect with us