• About
  • Advertise
  • Privacy Policy
  • Contact
Sunday, February 5, 2023
  • Login
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2DNew
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships
No Result
View All Result
The Vaultz News
No Result
View All Result

Ghana’s Financial Sector Will Be Downsized In 2023 – Dr. Cassiel Ato Forson

January 3, 2023
Priscilla Dziedzorm FiakpornubyPriscilla Dziedzorm Fiakpornu
in Finance
0
Ghana’s Financial Sector Will Be Downsized In 2023 – Dr. Cassiel Ato Forson

Ghana’s Financial Sector Will Be Downsized In 2023

Dr. Cassiel Ato Forson, Ex- Deputy Finance Minister of Ghana has predicted that the financial sector will be downsized in 2023.

According to Dr. Ato Forson, this will take place even before Ghana’s US$3billion loan requested from IMF to revive the economy is approved.

“Expected layoffs from the financial sector due to the impact of the debt restructuring and expected layoffs from government foreign financed projects will occur.”

Dr. Ato Forson

To even worsen the situation will be payment defaults, further depreciation of the Cedi, even before the International Monetary Fund (IMF) approves its US$3 billion loan to the government, Dr. Forson added.

RelatedPosts

BoG Publishes Indicative Rates, Not The Central Bank’s Forex Rates-  1st Deputy Governor

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

Stanbic Bank Ghana Ranks Best Local Bank In Customer Service

“Ghana will default in the payment of interest and principal on domestic bonds, Eurobonds, and most of our bilateral loans in 2023.”

Dr. Ato Forson

The former deputy Finance Minister observes 2023 as an even tougher year for Ghanaians indicating that not only will the economy record one of the worst non-oil GDP growths, but also predicted that individuals, local businesses and the banking sector will be adversely impacted by the haircuts on both domestic and Euro bonds.

Doubling as Member of Parliament(MP) for Ajumako-Enyan-Essiam Constituency and ranking member of the Finance Committee, in his Facebook post today, Tuesday, January 3, disclosed that;

“Unemployment will worsen due to the freeze on employment, debt restructuring, poor business climate, and massive austerity.”

Dr. Ato Forson

Dr. Forson made this observation after IMF’s caution by Kristalina Georgieva, the Managing Director came yesterday, that this year, 2023 promises to be a tougher year than the previous,2022.

BoG’s Crucial Move To Assist Commercial Banks

The central bank of Ghana has taken a crucial move to assist commercial banks address their challenge of meeting the increasing demand of large corporates and other businesses for the US Dollar.

This initiative to support is aimed at maintaining the appreciable rate of the cedi, which began December, last year.

Ghana banks

“We believe this is a timely move by the Central Bank to maintain its hold on the gains made by the cedi in December 2022.We know that at the beginning of every year, demand for dollars go up.”

An anonymous bank treasurer told Joy business.

The Bank of Ghana has been criticized by some financial observers for its slow activity in supplying US dollars on the forex market. The support that is now being provided is seen as a crucial move in response to this criticism.

Meanwhile, it is expected that this move will improve investor confidence and help to maintain the cedi’s recent gains even as Ghana is currently in negotiations with the IMF for a financial support program, which is expected to be finalized in the first quarter of 2023.

READ ALSO: President Donates GHS100K For Continuous Construction of National Cathedral Project

Tags: 2023Bank of GhanaDr.Cassiel Ato ForsoneconomyFinancial sectorInternational Monetary Fund

Related Posts

BoG Publicizes Indicative Rates, Not Transactional Rates- 1st Deputy Governor
Finance

BoG Publishes Indicative Rates, Not The Central Bank’s Forex Rates-  1st Deputy Governor

February 3, 2023
GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000
Banking

GCB Bank Honors Its Pledge To UCC With A Cheque Of GH¢300,000

February 3, 2023
Stanbic Bank Ghana Ranks Best Local Bank In Customer Service
Banking

Stanbic Bank Ghana Ranks Best Local Bank In Customer Service

February 3, 2023
DDEP: An Ample Time To Consult, Engage Stakeholders Would Have Been The Solution- Prof. Lord Mensah
Finance

DDEP: An Ample Time To Consult, Engage Stakeholders Would Have Been The Solution- Prof. Lord Mensah

February 3, 2023
AfDB Trains Its Regional Member Countries On Strategic And Operational Application Of Fragility Lens
Banking

AfDB Trains Its Regional Member Countries On Strategic And Operational Application Of Fragility Lens

February 2, 2023
Does This Make England’s Case Any Better Than Ghana’s?
Banking

Does This Make England’s Case Any Better Than Ghana’s?

February 2, 2023

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Previous Post

Beijing Criticizes COVID-19 Testing Requirements Imposed On Passengers From China

Next Post

GPHA Restates Its Determination  To Build Keta Port

Sign up for The Vaultz analytic wire

Get weekly news analysis from top editors at The Vaultz and stay informed on trending economic and business issues from across the globe.
GNGC, Joint Venture Partner Signs US$700m Project Implementation Agreement To Construct GPP Train 2
Extractives/Energy

GNGC, Joint Venture Partners Signs US$700m Project Implementation Agreement To Construct GPP Train 2

by Gifty BansahFebruary 4, 2023
Blinken’s Cancelled Trip Downplayed By China
Asia

Blinken’s Cancelled Trip Downplayed By China

by Comfort AmpomaaFebruary 4, 2023
Ghana Assembles Its Own CIT Armoured Vehicles To Facilitate Transportation of Cash By Banks
Innovation

Ghana Assembles Its Own CIT Armoured Vehicles To Facilitate Transportation of Cash By Banks

by Priscilla Dziedzorm FiakpornuFebruary 4, 2023
World Food Prices Decline for 10th Month Running in January- FAO
Securities/Markets

World Food Prices Decline for 10th Month Running in January- FAO

by Stephen M.CFebruary 4, 2023
Rev Kusi Boateng Secures A restraining Order Against Ablakwa, Injuncts Ablakwa From Further Publications On him
General News

Rev Kusi Boateng Secures A restraining Order Against Ablakwa, Injuncts Ablakwa From Further Publications On him

by Emmanuel SarpongFebruary 4, 2023
Kyerematen Claimed To Be The Best Candidate
General News

NPP Is Corrupt, NDC Is Corrupt – Kennedy Agyapong

by Samuel Yeboah OtibuFebruary 4, 2023
GNGC, Joint Venture Partner Signs US$700m Project Implementation Agreement To Construct GPP Train 2
Blinken’s Cancelled Trip Downplayed By China
Ghana Assembles Its Own CIT Armoured Vehicles To Facilitate Transportation of Cash By Banks
World Food Prices Decline for 10th Month Running in January- FAO
Rev Kusi Boateng Secures A restraining Order Against Ablakwa, Injuncts Ablakwa From Further Publications On him
Kyerematen Claimed To Be The Best Candidate
Snow
FIND OUT MORE

The Vaultz News

Copyright © 2021 The Vaultz News. All rights reserved.

Navigate Site

  • About
  • Advertise
  • Privacy Policy
  • Contact

Follow Us

No Result
View All Result
  • Top Stories
  • News
    • General News
    • Education
    • Health
    • Opinions
  • Economics
    • Economy
    • Finance
      • Banking
      • Insurance
      • Pension
    • Securities/Markets
  • Business
    • Agribusiness
    • Vaultz Business
    • Extractives/Energy
    • Real Estate
  • World
    • Africa
    • America
    • Europe
    • UK
    • USA
    • Asia
    • Around the Globe
  • Innovation
    • Technology
    • Wheels
  • Entertainment
  • 20MOBPL2D
  • Jobs & Scholarships
    • Job Vacancies
    • Scholarships

Copyright © 2021 The Vaultz News. All rights reserved.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In