The Naira depreciated against the dollar, sliding to 741 from 731 at last week’s close as FX demand increased and the central bank allowed old 500- and 1000-Naira notes to recirculate. Nigeria’s annual inflation edged higher in February, with prices rising 21.91% compared to 21.82% a month earlier. That...
When a bank fails, attention inevitably turns to its regulators. Who was asleep at the wheel? Who failed to spot the warning signs? The failure of Silicon Valley Bank (SVB) is no exception.
In the United States, these questions are often directed at many different agencies, since the system is...
Mark-to-market (MTM) also known as fair value accounting is a concept used in finance and accounting that refers to the process of valuing an asset or liability based on its current market value. The idea behind MTM is that assets and liabilities are constantly changing in value, and therefore,...
The passage of outstanding revenue bills by Parliament remains critical to government programmes as well as to enable the state to complete four of the five agreed prior actions in the International Monetary Fund (IMF) Staff Level Agreement.
The outstanding bills are the Income Tax (Amendment) Bill, Excise Duty and...
When a market liquidity and/or funding liquidity crisis occurs at a moment when inflation is above-target, tension between the objectives of central banks – price stability and financial stability – is inevitable. In such cases, I believe that financial stability must come first, because it is a precondition for...
The Ministry of Finance invited, on December 5, 2022, holders of 60 old domestic debts to voluntarily exchange GH¢137.3 (US$14.3) billion domestic bonds and notes including E.S.L.A and Daakye Bonds, for a package of twelve new eligible domestic bonds. Under the debt swap or exchange announced on December 5,...
What should we expect from the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) at a time when the Treasury is aggressively attempting to reduce its cost of borrowing by taking advantage of the high demand environment for short-term maturities?
The Treasury’s action is taking place while the...
Market observers anticipate that the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will maintain its policy decision at 28 percent. The decision is expected to be announced next week Monday, March 27, 2023.
In an effort to drive inflation on a downward path, the MPC, in its...
Consumer inflation has further declined to 52.8 percent in February 2023 from 53.6 percent in the previous month, sustaining the reversal of the price pressures which begun in January 2023.
Inflation peaked around 54.1 percent in December, 2022, accelerating for 19 consecutive months, according to the data from the Ghana...
Demand for treasury bills (T-bills) surged last February with total bids for the month reaching GH¢13.51billion, thus +46 percent month on month (m/m) – the largest size in three years.
Following the exemption of treasury bills (T-bills) from the Domestic Debt Exchange Programme (DDEP) in Q4-2022, investors flocked to T-bills,...