#ghanafx

FINES AND SUSPENSION OF FOREX LICENCES OF FIDELITY BANK GHANA LIMITED AND FIRST NATIONAL BANK GHANA LIMITED Bank of Ghana has fined Fidelity Bank Ghana Limited and First National Bank Ghana Limited a combined 1000 penalty points each for breaching sections 3.4, 3.5, and 3.9 of the Ghana Interbank Forex Market Conduct rules. In addition, the Bank has suspended the respective forex licences of…

BoG Authorises Black Star Brokerage, 8 Others To Operate On Ghana Interbank FX Market

The Bank of Ghana has given authorisation to nine FX (Foreign Exchange) Brokers to operate on the Ghana Interbank FX market, effective January 01, 2023 to December 31, 2023. They are Black Star Brokerage, CSL Capital, Fenics MD, ICAP African Brokers Ltd, Obsidian Acherner, Regulus, Sarpong Capital, Savvy Securities and Terika Financial Services Ltd. The move is to ensure sanity in the FX market…

Bloomberg’s currency dashboard has pegged $1.00 to ¢10.00, solidifying the cedi’s position as the best performing currency against the dollar in the month of December 2022. Within a span of two weeks, the cedi has regained more than 40% of its lost value since the arrival of the International Monetary Fund’s team in Accra on December 1. According to Bloomberg’s currency dashboard, the forex…

Bank of Ghana Withdraws Foreign Exchange Support For Some Importers

The Bank of Ghana has withdrawn foreign exchange support to customers for the importation of certain non-critical or essential goods. Joy Business however understands that the withdrawal of the FX support for the importation of these non-essential goods took effect in the past three weeks. The goods affected include rice, poultry, vegetable oils, toothpicks, pasta, fruit juice, bottled water…

Bank of Ghana Supplies US$25 mln Against US$104.7 mln Demanded By Forex Auction Dealers

Demand for the US dollar surged further, according to the latest auction of the American ‘greenback’ by the Bank of Ghana (BoG). Data from the Central Bank indicates that demand surpassed supply by $79.75 million, compared with $75.25 million recorded a fortnight ago. According to the latest result from the sale of dollars through the Forex Forward Rates Auction to dealers, the Bank of Ghana…

The Ghana cedi has depreciated by 37.1% as of the 27th of September 2022, Finance Minister Ken Ofori-Atta has said, noting that inflation remains high at 33.9% as of August 2022. Mr Ofori-Atta gave the figures during his press briefing on Wednesday, 28 September 2022 about the ongoing negotiations between the government of Ghana and the International Monetary Fund for a $3 billion programme to…

Ghana Cedi Loses About 7% In value To U.S dollar In July

The cedi lost a little over 7% in value to the US dollar in the first month of the third quarter of 2022, taking the year-to-date depreciation to 20.5% on the interbank market. This is due to the high demand for the American currency, coupled with other factors such as weak balance of payment position of the country and liquidating of investments in government bonds by some foreign…

Ghana has started a bulk purchase programme to buy gold locally to raise the gold component of its reserves, Central Bank Governor Ernest Addison said on Tuesday, in a bid to strengthen the cedi currency without increasing inflation. “We have started a bulk purchase program, domestic, where we buy gold locally and try to raise the gold component in our level of reserves. This is where the…