Banks to Hold Reserves in Original Deposit Currencies Starting June Effective June 5, 2025, commercial banks operating in Ghana will be required to maintain cash reserves in the same currency as the deposits they receive. This marks a significant shift in the Bank of Ghana’s (BoG) policy framework, as it revises the Dynamic Cash Reserve…
Tullow Ghana and its partners have officially restarted drilling operations in the Jubilee Field, ushering in a new phase of investment in Ghana’s vital energy sector. The two-year drilling programme, which kicks off in May 2025, aims to enhance oil production and operational efficiency in one of West Africa’s most prominent oil fields. This new…
The Ministry of Finance has officially approved the implementation of revised allowances for members of three senior staff unions within Ghana’s public tertiary institutions. This decision follows the successful completion of negotiations between the government and the unions. In a statement dated May 21, 2025, Finance Minister Dr. Cassiel Ato Forson announced that the revised…
President John Dramani Mahama has confirmed that his administration inherited $8.98 billion in foreign reserves from the previous government, bringing clarity to a long-standing debate over the actual amount handed over during the transition. The issue had sparked public discussion, with officials from both the current and former administrations presenting conflicting figures regarding the state…
Fitch Solutions has forecasted that the Ghanaian cedi will close the year 2025 at GH¢15.50 to one US dollar, with an annual average rate of GH¢15.30/USD. This projection significantly exceeds the GH¢14.00 year-end estimate provided by Absa Bank. At the start of 2025, the cedi was trading at GH¢15.83 against the dollar. In its latest…
Ghana has exceeded the reserve target outlined in its programme with the International Monetary Fund (IMF), marking a significant milestone in the country’s economic recovery efforts, according to the First Deputy Governor of the Bank of Ghana (BoG), Dr. Zakari Mumuni. Speaking in an interview with Joy News on Thursday, Dr. Mumuni highlighted that the…
The Bank of Ghana (BoG) has announced plans to commemorate the 60th anniversary of the Ghana Cedi on July 19, 2025. This milestone marks six decades since the cedi replaced the Ghanaian Pound in 1965, becoming the country’s sole legal tender. In a statement issued on May 13, the central bank emphasized the significance of…
Isaac Adongo, a board member of the Bank of Ghana (BoG), has announced upcoming measures to significantly tighten restrictions on over-the-counter US dollar withdrawals from banks and other financial institutions. The move is aimed at stabilizing the local currency and curbing speculative activity. Currently, individuals can withdraw limited amounts of dollars if they provide valid…
The Minister for Trade, Agribusiness and Industry, Elizabeth Ofosu-Adjare, is currently holding a high-level closed-door meeting with leaders of the Ghana Union of Traders Association (GUTA), the Association of Ghana Industries (AGI), and the Food and Beverage Association of Ghana (FABAG). The discussions are centered on addressing the persistent rise in the cost of goods…
The World Bank has praised Ghana for its outstanding achievements under the Gulf of Guinea Northern Regions Social Cohesion (SOCO) Project, citing the country’s efforts as surpassing initial expectations and delivering transformative results. During a recent visit to SOCO project sites, Mr. Robin Mearns, the World Bank’s Global Director for Social Development, led a high-level…
