{"id":186474,"date":"2024-06-04T07:38:39","date_gmt":"2024-06-04T07:38:39","guid":{"rendered":"https:\/\/www.ghanamma.com\/2024\/06\/04\/govt-committed-to-recapitalising-bog\/"},"modified":"2024-06-04T07:38:39","modified_gmt":"2024-06-04T07:38:39","slug":"govt-committed-to-recapitalising-bog","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2024\/06\/04\/govt-committed-to-recapitalising-bog\/","title":{"rendered":"Govt committed to recapitalising BoG"},"content":{"rendered":"<p><\/p>\n<div>\n<p>Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has affirmed the government\u2019s resolve to recapitalise the central bank.<\/p>\n<p>In an interview with Bernard Avle on <em><strong>Citi TV\u2019s The Point of View<\/strong><\/em>, Dr. Abradu-Otoo expressed confidence that the recapitalisation will significantly improve the central bank\u2019s financial standing.<\/p>\n<p>\u201cOf course, the other issue is that the government is committed to recapitalising the central bank. So that commitment has come from the Ministry of Finance and that will really help with our numbers as we move along.\u201d<\/p>\n<p>When asked when the funds will be deposited into the BoG\u2019s account, he responded, \u201cTalks have begun, IMF, Bank of Ghana, Finance Ministry, I don\u2019t know the form in which it\u2019s going to come, is it cash? Or is it a mixture of cash and bonds? That is still being discussed, it will be this year. There will be some form of recapitalisation to help the balance sheet.\u201d<\/p>\n<p>A Memorandum of Understanding (MoU) for the early recapitalisation of the Bank of Ghana is expected to be signed by the end of the third quarter of this year following the Central Bank\u2019s significant losses for two consecutive years.<\/p>\n<p>The MoU is a strategic move to help restore the financial health of the central bank and drive its positive equity position after it posted a GHS 10.5 billion loss in 2023 due to high expenditure related to monetary interventions and a GHS 60.9 billion loss in 2022 over impairments during the domestic debt exchange programme.<\/p>\n<p>The Ministry of Finance and the Bank of Ghana will sign the MoU to ensure that the Central Bank can continue with its mandate of managing monetary policy and ensuring price stability.<\/p>\n<p>The recapitalisation plan will look at the capital required, the timeline for recapitalisation and more importantly, the funding sources.<\/p>\n<p><em><strong>\u2014\u2013<\/strong><\/em><br \/><em><strong>Explore the world of impactful news with CitiNewsroom on WhatsApp!<\/strong><\/em><\/p>\n<p><em><strong>Click on the link to join the Citi Newsroom channel for curated, meaningful stories tailored just for YOU: https:\/\/whatsapp.com\/channel\/0029VaCYzPRAYlUPudDDe53x<\/strong><\/em><\/p>\n<p><em><strong>No spams, just the stories that truly matter! #StayInformed #CitiNewsroom #CNRDigital<\/strong><\/em><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has affirmed the government\u2019s resolve to recapitalise the central bank. In an interview with Bernard Avle on Citi TV\u2019s The Point of View, Dr. Abradu-Otoo expressed confidence that the recapitalisation will significantly improve the central bank\u2019s financial standing. \u201cOf course, the other [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":186475,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-186474","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Govt committed to recapitalising BoG - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2024\/06\/04\/govt-committed-to-recapitalising-bog\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Govt committed to recapitalising BoG - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr. Philip Abradu-Otoo, the Director of Research at the Bank of Ghana (BoG), has affirmed the government\u2019s resolve to recapitalise the central bank. 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