BoG lied about pumping US$20 million to save cedi – Casely-Hayford
Financial analyst, Sydney Casely Hayford, has accused the
Bank of Ghana (BoG) of lying to Ghanaians that it is injecting
US$20 million daily into the money market to stabilise the
The central bank announced the intervention Thursday after the cedi
fell more than 20% in value to the major trading currencies between
January and June 2015.
According to the bank, instead of making US$14 million available to
banks weekly, it will now be giving them US$20 million.
We expect the cedi to stabilise by the end of the first half of the
year when we have some major offshore inflows,” the Governor of the
BoG, Dr Henry Kofi Wampah, told the Daily Graphic.
But Sidney Casely-Hayford, has questioned BoG’s capacity to make
US$20 million available daily.
Speaking Saturday on Accra-based Citi FM’s The Big Issue on “They
(BoG) are lying to us, they can’t afford US$20 million a day,” he
According him, Ghana would not have had to go to the IMF for
bailout if BOG could make US$600 million in a month.
“If you have US$600 million, why are we going to take US$918
million from the IMF? It’s not possible. The Bank of Ghana cannot
make US$600 million in a month,” he stressed.
Mr Casely-Hayford added that the inability of the government to
raise US$45 million to pay Bankswitch was an indication that it did
not have money.
“US$20 million a day will translate to about US$600 million in a
month. Where is the money coming from? This is where the
whole problem starts. They can’t even find US$45 million to pay for
the Bankswitch case. If you had US$20 million to sink why would you
not lend government US$45 million to pay for the Bankswitch case
and avoid the so called GH¢1 billion debt that we are hearing it’s
supposed to come,” he said.
By: Fred Yaw
Chiefs and people of Akuapem-Apirede in the Okere Constituency of the Akuapem
North Municipality have put in place strategic plans to promote tourist sites
in the town. Apiredehene,
Nana Saforo Okoampah III told the Daily Express that their vision is to develop
Apirede in a modern way. “We
want to have a modern society and environment. We are doing this on the basis
of promoting tourism here,” he added. According
to the Apiredehene, it’s their plan to promote the historic sites and the
geographical location of the community. Apirede
is one of the 17 towns that forms the Akuapem State and historically, it used
to house the armours of the Akuapem State. The community is part of the Nifa
division of Akuapem. He
stated that one of those things was called ‘Odosu’ (the war god for
Okuapemhene). “The Chief Executioner in those days for Akuapem also came from
Apirede and items that he used were also kept here,” he stated. “These
are a lot of things …
The Public Interest and Accountability Committee (PIAC), the mandated body to monitor the use of Ghana’s oil revenues has been asked to go to court to seek strict compliance of the laws covering accountability of oil funds in the country.
According to Dr. Steve Manteaw, the Campaign Coordinator for ISODEC and a member of the PIAC , it’s time for PIAC as a body to consider going to court to compel institutions responsible for managing Ghana’s oil revenue to answers some questions concerning the expenditure of oil funds.
He pointed out that there are several recommendations made by the PIAC in its past reports on management of petroleum revenues, and a lot of these recommendations has received no positive response from the institutions concerned.
He disclosed this to the Daily Express at a three-day workshop on Interrogating the 2016 Semi Annual PIAC Report at Koforidua in the Eastern Region.
The workshop was organized by the Institute of Financ…
The Bank of Ghana has closed down two financial institutions in the country. This was after the central bank investigation revealed that the two companies were operating without approval.
The two companies were Agro Development Fund Services Limited (ADFSL) and Hebron Financial Investment Limited (HFIL).
The Daily Express gathered that the ADFSL was asked to stop operating after the central bank realized the institution had not been licensed to take deposit from the public.
A statement from BoG said the ADFSL continued to operate despite the orders from the Bank of Ghana. It however closed down ADFSL’s operation until further notice.
The Bank of Ghana said that the ADFSL is located at Asufufu, opposite the Sunyani Traditional Council in the Brong Ahafo region.
“The decision to close down ADFSL is in furtherance of section 20(2) (g) of the Banks and Specialized Deposit-Taking Institutions Act, 2016 (Act 930). Bank of Ghana has investigated ADFSL thoroughly and has concluded that its a…