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
bill, Public Financial Management (PFM) Act 921 which has been passed into law
by Parliament is to guide public institutions especially the local government
authority borrowing. The law was pass on 3rdAugust, 2016 According
to the law, local government authority, a public corporation or state-owned
enterprise is liable for the debt and other obligations without recourse to
Government, unless otherwise explicitly guaranteed by Government in accordance with
this Act. Madam
Eva Esselba Mends, the Chief Economic Officer and Group Head of PFM at the
Ministry of Finance told the Daily Express that the law involves a lot but it
also give instruction to how state institutions can borrow especially with
the local government authority. She
mentioned that there is no specific law in place that gives direction as to what
local authority can do when it comes to borrowing by the authority. Other
public corporations sometimes borrow with huge amount for their operation but
A top-up error left pay-as-you-go customers out of
pocket and complaints were mishandled Vodafone
has been fined a record £4.6 million by the telecoms watchdog forleaving thousands of customers out of
pocket in a disastrous IT blunder. Ofcom
found that the operator mishandled complaints and failed to pay into the
accounts of more than 10,000 pay-as-you-go customers when they topped up their
top-up error, which cost customers £150,000 over 17 months in 2014 and 2015,
stemmed from the moving of 28.5 million accounts to a new billing system.Errors in billing data and price plans
caused so much protest that it made Vodafone the most complained-about mobile
network in Britain.The technical
issues were resolved by April 2015 and all accounts are now on the new system,
Vodafone said. Lindsey
Fussell, Ofcom’s consumer group director, said:“Vodafone’s failings were
serious and unacceptable, and these fines send a clear warning to all telecoms
company says that it has ref…
By: Fred Yaw
Sarpong Enterprise Life and Sanlam South Africa together
with SOS Children’s Villages Ghana have jointly inaugurated a newly constructed
social centre at the SOS Children’s Village, Kumasi in the Ashanti region. The project, valued at GHc485,000.00 forms part of
Enterprise Life and Sanlam-South Africa’s corporate social responsibility (CSR)
to promote quality education and health for vulnerable children in Ghana. The newly established social centre provides a
suitable multi-purpose facility with a spacious auditorium among others to host
different social activities related to child growth and development and will
cater for both SOS children and students of the Hermann Gmeiner School. The centre also offers the beneficiaries the
opportunity to freely socialize and participate actively in educational
oriented activities such as school concerts, art exhibitions and workshops. The Executive Director of Enterprise Life, Mrs.
Jacqueline Benyi expressed satisfaction that her outf…