ghananlpcommunity/ghana-gov-speeches huggingface dataset:
Second Deputy Governor’s Closing Remarks -15th Anniversary Celebration of the Collateral Registry 120625
Source: bank_of_ghana
Date: 2025-06-17

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Governor Asiama’s Welcome Address at the Inauguration of the Board of Directors
Source: bank_of_ghana
Date: 2025-03-13

WELCOME ADDRESS BY THE GOVERNOR AT THE INAUGURATION OF THE BOARD OF DIRECTORS BANK OF GHANA THURSDAY, 13TH MARCH 2025 Your Excellency, the Vice President of the Republic of Ghana, Distinguished Board Members, Esteemed Guests, Ladies and Gentlemen, It is with great honour and deep appreciation that I welcome you all to this significant occasion— the inauguration of the Board of Directors of the Bank of Ghana. This moment marks the beginning of a new chapter for our institution, as we embark on a renewed commitment to financial stability, sound monetary policy, and economic resilience. Your Excellency, your presence here this morning underscores the importance that the government places on the work of this central bank. The role of the Bank of Ghana has never been more critical. We stand at a time of significant economic challenges —macroeconomic instabi lity, rising inflationary pressures, currency volatility, and fiscal constraints—all of which demand urgent and strategic action. This Board, composed of esteemed professionals with vast expertise, is tasked with guiding the Bank’s policy direction and ensuring that we navigate these challenges with boldness, integrity, and accountability. Our mission is clear: we must restore confidence in the Bank of Ghana, uphold price stability, strengthen our financial position, and reinforce good governance. As we officially commence our work today, we do so with an understanding of the weight of responsibility on our shoulders. The decisions taken here will not only shape the future of the Bank but also impact businesses, households, and the overall economy. This morning’s inauguration provides us an opportunity to reaffirm our commitment to excellence, transparency, and independence in our monetary and financial policies. Your Excellency, Ladies and Gentlemen, we are honoured to have you lead this inauguration, and we look forward to your remarks, which will no doubt set the tone for our work ahead. On behalf of the Board, Management, and Staff of the Bank of Ghana, I extend a warm welcome to you all. Thank you.
Governor’s Remarks – Joint Press Conference for the 2023-2026 ECF Third Review Mission
Source: bank_of_ghana
Date: 2024-10-04

Joint Press Conference for the 2023 -2026 ECF Third Review Mission Remarks by Dr. Ernest Addison Governor, Bank of Ghana 4th October 2024 1. Thank you very much, Stephane. 2. Over the past few weeks, we have collaborated and worked hard and provided the needed information to the IMF team to enhance discussions on the economy and help complete this third review process. We are grateful for the maximum cooperation as we end the Mission, which should hopefully, lead to approval at the IMF Executive Board level and the release of another tranche of IMF support. 3. I will focus on a few key issues which were also discussed in the context of this review mission. 4. The first issue is on our inflation mandate. As you are all aware, the Bank of Ghana is fully committed to bringing inflation back within our single digit objective and presently, the inflation outlook is broadly supportive and positive. By the end of the first quarter, inflation was reported at 25.8 percent. This dropped to 22.8 in second quarter and eased further to 20.4 percent at the end of August. T he latest inflation number release d on Wednesday for the end of the third quarter saw a marginal uptick in inflation to 21.5 percent on the back of a sharp increase in food prices. The Bank will continue to monitor these developments and maintain the necessary monetary policy stance to ensure that inflation stays within the target over the medium term. 5. Let me note that it is not unusual to see intermittent upticks in inflation. The key is in the trends in the inflation. The Bank of Ghana however, will ensure that we stay the course of the sound underlying macroeconomic policies. In this regard, BoG and MoF will implement an appropriate monetary-fiscal policy mix to deliver sustainable growth in a stable environment. 6. We will continue to focus on building foreign exchange reserves to at least three months of import cover. This policy focus has been supported by a stronger external sector performance , driven largely by higher gold production, remittances and improved confidence in the economy. 7. I must add that our Gold for Reserve programme is providing the economy with the much-needed support for this reserve build-up. This has more than compensated for the lower output from the cocoa sector. 8. The Bank of Ghana also remains committed to ensuring exchange rate flexibility in the management of our foreign exchange market and help to mitigate shocks. 9. We have also focussed on our financial stability mandate and continue to monitor progress of banks toward implementing their post debt exchange recapitalisation plans . Most banks are ahead of schedule in their recapitalisation efforts. 10. In conclusion, Bank of Ghana will continue to monitor emerging risks in the economy and respond with prudent policy interventions. This will ensure that our key objective s of safeguarding our price and financial stability mandate are protected and continue to outperform the programme target. Thank you very much.
Governor’s Remarks – Launch Of Ghana Gold Coin
Source: bank_of_ghana
Date: 2024-09-27

LAUNCH OF GHANA GOLD COIN REMARKS BY DR. ERNEST ADDISON GOVERNOR, BANK OF GHANA 1. Ladies and Gentlemen, Distinguished Guests, I am honoured to launch the Ghana Gold Coin (GGC), a development which marks a significant milestone in the Bank of Ghana's history. This initiative is a testament to our unwavering commitment to deepen financial markets by offering other avenues for savers to invest. It also serves as a significant reminder of our nation’s rich gold heritage. 2. The G GC is a coin manufactured from dore gold that has been refined to 99.99% purity, which gives the coin the original gold colour. The GGC is issued and guaranteed by the Bank of Ghana and is available in three different sizes: namely 1 oz Coin , 1/2 oz Coin and 1/4 oz Coin to suit different investment needs. Each coin has the Ghana Coat of Arms in front and the Independence Arch at the back. The packing includes the gold coin, a wooden storage box, a transparent coin holder and a certificate of ownership. Economic benefits of the GGC issuance 3. The G GC issuance enables the BOG to mop up extra cedi liquidity in the banking sector and will supplement the use of the Bank of Ghana Bills and overnight depo for our open market operations. 4. The GGC gives savers resident in Ghana an additional avenue to invest and reap the benefits from the Bank of Ghana’s domestic gold purchase program . Gold has shown remarkable resilience as a financial asset and can serve as a natural hedge during periods of economic turbulence. The issuance of the GGC democratises access to this enduring financial asset, enabling residents to diversify their financial portfolios. Features of the gold coin 5. For now, the GGC can only be purchased in Ghana through a commercial bank using the Ghana Cedi, and the basis for pricing will be the previous day London Bullion Marketing Association (LBMA) Auction PM Price. The applicable transaction exchange rate for pricing of the GGC shall be the United States Dollar against Ghana Cedi rate quoted using the previous day close Bloomberg REGN Mid-Rate. The price of the GGC will be published on the Bank of Ghana website daily by 9:00am GMT and applicable charges will apply. A holder of a GGC can sell the coin to a commercial bank , the Bank of Ghana stands ready to buy and resell in situations where a commercial bank is not able to purchase a coin. 6. Gold used for the manufacture of the G GC are from traceable, responsibly mined sources in Ghana in line with the BoG’s Responsible Gold Sourcing Framework. Anti-Money Laundering / Countering the Financing of Terrorism (AML/CFT) safeguards are in place to ensure that the buying and selling of the GGCs is devoid of criminal financial activities. 7. The BoG will publish a Questions and Answers document to provide more insight into the GGC issuance. 8. The issuance of the GGC is a testament to our commitment to innovation, deepening of our financial markets and providing more avenues for residents to invest in Ghana. Long Live Ghana! and make our nation great and strong! Thank you. 27 September 2024
First Deputy Governor’s Remarks at the Launch of the Commercial Paper Market
Source: bank_of_ghana
Date: 2024-05-10

LAUNCH OF THE COMMERCIAL PAPER MARKET REMARKS DR. MAXWELL OPOKU-AFARI FIRST DEPUTY GOVERNOR, BANK OF GHANA/ GFIM COMMITTEE CHAIRMAN 10TH MAY 2024 AFRICA TRADE HOUSE, LIBERIA ROAD, ACCRA The Managing Director of the Ghana Stock Exchange The Deputy Director-General of the Securities and Exchange Commission GSE Council Members The Chief Executive Officer of the Central Securities Depository CEOs of Listed Companies CEOs of Invited Companies CEOs of Licensed Dealing Members Members of the Press Distinguished Ladies and Gentlemen As the Chairman of the GFIM Governing Committee, I want to express my gratitude to all those who have contributed to the development of th e Commercial Paper Market, especially the GFIM Technical Committee. Your hard work and dedication have been instrumental in bringing us to this moment. The Ghana Fixed Income Market , which began in August 2015 has recorded exceptional growth . Until recent market developments , the market had been very vibrant with active participation in both government and corporate securities with cumulative volume traded of 845 billion as of April 2024. As part of its strategic efforts to improve the product offering and to deepen the market, GFIM through a market-led process developed the Commercial Paper Issuance and Admission Rules. The Rules, developed in line with international standards with the aim of meeting market needs, holds immense potential to grow the debt market and to provide flexible financing and investment platform for businesses and investors alike. Through this platform, GFIM aims to contribute to national economic development through enhanced access to lower cost of capital, diversification of funding sources, and improved creditworthiness. This initiative represents a significant milestone in the evolution of our financial markets and the economy at large. Our next initiative is to develop the Securities Lending a nd Borrowing, and Market Making to add up to the stock of products on the market . These efforts signify our commitment to making Ghana the financial hub of the sub- region. As we embark on this journey, I encourage all stakeholders to embrace innovation, promote dynamism, and collaborate towards the success of the Commercial Paper Market. Together, we can create a vibrant marketplace that serves the needs of our economy and drives sustainable growth. Thank you once again and I wish you all a successful launch.
Governor’s Brief Remarks at Concluding Meeting IMF First Review
Source: bank_of_ghana
Date: 2023-10-09

Governor’s Brief Remarks at Concluding Meeting IMF First Review: 6th October 2023 Honorable Minister for Finance The IMF Mission Chief, Stephane Roudet Members of the Media Distinguished Ladies and Gentlemen, Let me first begin by thanking the entire IMF team for the constructive engagement during the past two weeks on all issues bordering on fiscal policy, monetary policy and structural reforms. Indeed, it has been a very comprehensive and collaborative work b etween the Government’s side and the IMF, and this has made the two -weeks mission very successful and fruitful. We have all established that the very decisive measures put in place by the Government and the Bank of Ghana have started yielding results , signaling a faster than expected turnaround which needs to be sustained as we reset the economy. More specifically: • Non-Food inflation has dropped significantly by 19 percentage points. • Food inflation has also by some 8 percent • Core inflation , which measures underlying inflation, is also decelerating at a fast pace. • From the beginning of the year to date, the Bank of Ghana has built reserves of about US$650 million instead of a programmed draw - down of US$98 million. And this has been boosted by the innovative Gold for Reserves program. • And, as a result, we have seen relative stability in the exchange rate, depreciating by only 2.5 percent between February till date. It is therefore very important to sustain this strong performance and consolidate the gains we are seeing. Looking ahead, the Bank of Ghana will continue to maintain a tight monetary policy stance until it is confident that inflation is firmly anchored and aligned with the disinflation path agreed in the program. There would be challenges and difficulties as we work towards sustaining these gains but we remained focused and committed to the reforms and prudent policies to ensure the full benefits of this program are achieved. Thank you
Governor’s Acceptance Speech for Central Bank of the Year Award
Source: bank_of_ghana
Date: 2020-10-15

BANK OF GHANA – CENTRAL BANK OF THE YEAR AWARD ACCEPTANCE SPEECH By GOVERNOR DR. ERNEST ADDISON Members of the Central Banking Team, Fellow Award Recipients, Distinguished Guests, Ladies and Gentlemen. It is a great privilege for the Bank of Ghana to be named the Central Bank of the Year, and I thank the team at Central Banking for the honour done us. This award reflects our vision to build a central bank of excellence that is well-respected by stakeholders, and further strengthens our resolve to continue to implement sound monetary and financial sector policies. The successful execution of our Monetary Policy and the Financial sector reforms and subsequent turnaround in the economy , which this Award duly recognises, has been due to the hard work of the whole Bank of Ghana team comprising Management, the Board and staff. Let me mention the support I got from my very able and efficient deputies, and heads of departments. The Bank also received invaluable support from the Monetary Policy Committee, and other key collaborative institutions, including the Ministry of Finance and the Economic Management Team, in the pursuit of its policies and programmes. It is fair to say that the three years of policy reform has firmly positioned Ghana’s economy to withstand the headwinds arising from the COVID-19 pandemic. Tight monetary policy stance helped reduced inflation significantly and maintained in single digits and well within the Banks target range, and a well anchored exchange rate stability . We also successfully concluded three years of banking sector reforms, which saw an increase in the minimum capital requirements, clean-up of the financial sector by revoking l icences of weak and insolvent institutions, and a revamp of the regulatory framework to stabilise and strengthen the sector. Our banks are now well capitalised, liquid, solvent, and resilient to liquidity and credit risk and well positioned to support Ghan a’s economic growth agenda. On this note, and with humility and profound gratitude, I accept this award on behalf of the Board, Management, and Staff of the Bank of Ghana. Thank you all for sharing in the vision to ensuring macroeconomic stability and establish a stable, sound, and resilient banking sector to support the country’s growth and development agenda. I am hopeful that we will continue on this path and consolidate the far -reaching gains of macroeconomic and financial stability in Ghana. Thank you very much.
Press Release – President Inaugurates Board of GDPC
Source: bank_of_ghana
Date: 2019-11-22

PRESS RELEASE PRESIDENT INAUGURATES BOARD OF GDPC The President of the Republic of Ghana, His Excellency Nana Addo Dankwa Akufo-Addo, swore in a new Board of Directors for the Ghana Deposit Protection Corporation (GDPC) on Friday, November 15, 2019. As the governing body of the Corporation, the Board is tasked with the responsibility of prescribing procedures for the management and operations of the Corporation, while also ensuring the proper and effective performance of the functions of the Corporation. The seven-member Board is chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison. Other members of the Board include institutional represe ntatives from the Ministry of Finance (Mr. Sampson Akligoh), Chartered Institute of Bankers (Rev. Mrs. Patricia Sappor), Association of Ghana Industries (Mr. Joseph Hyde Jnr), Ghana Bar Association (Mr. George Amissah Jnr), Institute of Chartered Accountants (Dr. Daniel Seddoh) and the Chief Executive Officer. The Chief Executive Officer , Mrs. Pearl Esua -Mensah, was appointed by the President upon the recommendation of the Board and the conduct of due diligence by the Bank of Ghana. The Ghana Deposit Prot ection Corporation (GDPC) was established by the Ghana Deposit Protection Act, 2016, (Act 931, as amended) to protect small depositors against losses incurred on the occurrence of an insured event. The Corporation became operational on 30th September 2019. End 15 November, 2019
BoG Staff Obtains Toronto Centre Essay Competition 2019 Award
Source: bank_of_ghana
Date: 2019-11-08

BANK OF GHANA PRESS RELEASE BANK OF GHANA STAFF OBTAINS TORONTO CENTRE ESSAY COMPETITION 2019 AWARD A staff of the Payment Systems Department of Bank of Ghana, Miss Enam Yawa Kodade, has won an award following the submission of an essay as part of Toronto Centre, Canada’s maiden essay competition for financial sector supervisors and regulators from Official Development Assistance (ODA) recipient countries. Miss Kodade’s entry won the second place. Toronto Centre, Canada in its maiden 2019 essay competition requested financial supervisors and regulators to submit an essay not exc eeding 2000 words on the topic , “What role can financial supervisors and regulators play in promoting gender equality and the economic empowerment of women as they relate to the provision of savings, payments, and other financial services?” Miss Kodade was awarded a scholarship worth USD 3000 (three thousand dollars ) to be used towards one of Toronto Centre’s 2020 Intern ational Leadership Programmes. Her essay was published in a Toronto Centre (TC) Note, which was also promoted throughout the Centre’s social media channels and websites. Toronto Centre indicated that it had received many high quality submissions and selected four winners comprising a winning essay combined with excerpts from three essays that were exceptional and notable. The announced winners are as follows: 1. Dr Olufemi Oladejo: Senior Bank Examiner – Central Bank of Nigeria (overall winning essay) 2. Miss Enam Yawa Kodade: Bank of Ghana (Second Awardee) 3. Mr. Sok Heng Lay: National Bank of Cambodia (Third Awardee) 4. Miss Andrea Fernandez: Superintendence of Banking, Insurance and Private Pension Fund Administrators (SBS), Peru (Fourth Awardee) Details of the official announcement, a copy of the TC Note, and the brief profile of the winning candidates are available on the website of the Bank of Ghana. Toronto Centre, Canada is supported by several development agencies including the World Bank and the IMF to deliver capacity-building programmes in banking, insurance, securities, pensions, microfinance, and micro insurance supervision. The role of the institution also includes promotion of financial stability, access to finance and offering of p ractical training to financial sector regulators and supervisors, particularly in emerging markets. End 8th November, 2019
SPEECH DELIVERED BY FIRST DEPUTY GOVERNOR, DR. MAXWELL OPOKU-AFARI, AT MTN MOMO STAKEHOLDER WORKSHOP
Source: bank_of_ghana
Date: 2019-07-18

<p>Recent developments suggest that mobile money technology has evolved and gained public acceptance, and in almost a decade, contributed significantly towards financial inclusion in the country. For instance, the number of mobile money accounts has reached 32.6 million in December 2018 compared with 3.8 million in December 2012. Total float balances as at December 2012 was GH₵19.6 million compared with GH₵2.6 billion recorded in December 2018.<br></p>
SPEECH DELIVERED BY SECOND DEPUTY GOVERNOR, MRS. ELSIE A. AWADZI, AT THE 9TH AGM OF GHASALC
Source: bank_of_ghana
Date: 2019-07-18

<p>Ghana’s Savings and Loans sub-sector is made up of some 39 companies as at the end of March 2019, and dominates the Specialised Deposit-Taking Institutions (SDI) sector, accounting for 44.6 percent of total SDI assets. In March 2019, total assets of the sector increased to GH¢7,977.63 million, up from GH¢6,548.63 million a year earlier.<br></p>
WELCOME REMARKS BY THE GOVERNOR DR. ERNEST ADDISON, AT SWIFT AFRICAN REGIONAL CONFERENCE 2019
Source: bank_of_ghana
Date: 2019-07-18

<p>Leveraging on mobile phone technology, Ghana made significant progress in improving financial inclusion. With the fastest growing market in Africa with an estimated voice subscriptions rising by 60.0 percent (25.6 million) to (40.9 million) between 2012 and 2018, mobile money accounts have also increased over nine – fold reaching 32.6 million from about 345,000 over the same period. At the end of 2018, active mobile money accounts were estimated at 13.1 million accounts.<br></p>
ADDRESS DELIVERED BY DR. ERNEST ADDISON, GOVERNOR, AT THE GHANA CEO SUMMIT
Source: bank_of_ghana
Date: 2019-07-18

<p>Cyber criminals have managed to bypass security controls and to exploit breaches or vulnerabilities within the cyber and information security defenses of financial systems. In this regard, the Central Bank issued a <strong>draft directive on cyber and information security</strong> to the banking industry. Mr. Chairman, we also issued the <strong>final directive of the Capital Requirement Directive (CRD)</strong> which addresses Pillar one (1) of Basel II/III capital regime. <br></p>
SPEECH DELIVERED BY DR. ERNEST ADDISON, GOVERNOR, AT GRAPHIC BUSINESS/STANBIC BREAKFAST MEETING
Source: bank_of_ghana
Date: 2019-07-18

<p>As we all know, Ghana’s economy is import dependent, hence the existence of persistent foreign exchange demand pressures by importers. In addition to these huge demand pressures, the seasonal repatriation of profits and dividends foreign-owned companies reflects in significant outflow of resources out of the services and income accounts, exerting additional pressures on the local currency. As a matter of fact, these developments explain why the two consecutive years of trade surpluses have not fully translated into current account surpluses.<br></p>
Remarks by Second Deputy Governor, Mrs. Elsie A. Awazdi, at the GES Ring the Bell Event
Source: bank_of_ghana
Date: 2019-07-18

<p>The GSE should encourage the listing of more female-owned and run businesses and promote diversity in the management and boards of listed companies, with a fair representation of women. We must encourage more women to take advantage of emerging technologies to run their businesses and to improve their access to finance. <br></p>