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Many central banks have incurred loses; BoG is not exception – Ofori-Atta
Finance Minister, Ken Ofori-Atta, has stated that many central banks incurred losses as a result of the impact of Covid-19 pandemic and the Russian/Ukraine war on their respective economies.
Citing examples such as the Bank of Jamaica, the central banks of Argentina, Brazil, Chile, the Philippines, Singapore, Turkey, and UK, he also said historically, some central banks have operated with negative equity as a result of losses yet fully met their policy objectives, as long as they remain policy solvent.
In an article “Standing strong with the Central Bank”, Mr. Ofori-Atta pointed out that the pandemic and Russia-Ukraine war have reinforced and increased the number of central banks that have moved into negative equity and have thrown light into this ‘new normal.’
“Thus, the Central Banks of Chile, Czech Republic, Israel and Mexico have experienced years of negative equity. The Reserve Bank of Australia fell into negative equity in 2022 due to valuation losses on its bond holdings, and the bank stressed that it will not affect its mandate or operational efficiency. And unheard of in the modern financial setup, the German central bank, that citadel of fiscal purity, recorded a loss in 2022”, he added.
Furthermore, he pointed out that the US Federal Reserve Bank in April 2022 also declared a negative equity position, on account of the rapid rise in rates that began in 2022, renewed interest expenses on commercial bank reserves deposits, and low income on its security holdings, including US Government securities.
“In fact, as indicated by the Brookings Institution, “the Fed’s cumulative losses came to more than $52 billion as at the end of April 2022, exceeding its paid-in capital and surplus, and in effect, leaving it in negative equity.”
(I cite these examples just to make the point that hitherto unheard of things have been happening in central banks around the world recently.)”, he stressed
Accordingly, Mr. Ofori-Atta said as the focus shifts from direct targets of money supply to interest rates as operational targets, the framework for analysing central bank balance sheets has shifted, enabling central banks to play more interventionist roles in the economy than before.
Source: myjoyonline.com
The Vice President, Naana Jane Opoku-Agyemang, has called for stronger action to promote gender equity and create more opportunities for women in the workplace.
She made the call in a Facebook post after joining staff at the Presidency of Ghana to mark International Women’s Day.
The celebration was held under the theme “From Commitment to Action: Promoting Equity for Every Woman in the Workplace” and focused on recognising the achievements of women while reflecting on the work needed to ensure equal opportunities.
Professor Opoku-Agyemang extended warm wishes to women across Ghana and noted that women have always played key roles in the country’s communities and economic activities.
According to her, women in the past served as healers, traders and queen mothers who contributed to leadership and governance in traditional societies.
She explained that Ghana’s cultural history shows that women have long provided knowledge, leadership and innovation to help develop communities.
The Vice President however noted that current disparities require society to examine systems and structures that may have limited opportunities for women.
She stressed that advancing gender equity will require deliberate actions and the mentoring of young women to prepare them for leadership roles.
Professor Opoku-Agyemang recognised women whose work takes place in markets, streets and small trading spaces across the country.
According to her, these women form the backbone of local economies and continue to demonstrate resilience despite the difficult conditions they face.
She commended women working at the Presidency for their dedication and leadership and reaffirmed the need to promote respect, fairness and opportunity for every woman.
The Vice President further called on both men and women to work together to break barriers and ensure that women can fully contribute to Ghana’s development.
By: Jacob Aggrey
The Diaspora Affairs Office at the Office of the President has hosted a delegation of African diaspora women who are in Ghana ahead of a planned Presidential Conferment of Citizenship ceremony.
The Director of Diaspora Affairs, Kofi Okyere Darko, explained in a Facebook post that the visit was a gesture of appreciation by the delegation to the Government of Ghana for its continued efforts to reconnect Africans in the diaspora with their ancestral homeland.
He indicated that the ceremony, scheduled for next Monday, will officially grant Ghanaian citizenship to members of the delegation as part of the country’s broader engagement with the African diaspora.
The delegation was led by Erica Bennett, Founder of the Diaspora Africa Forum.
According to Mr Okyere Darko, her years of advocacy have played an important role in strengthening ties between Africa and people of African descent living abroad.
He noted that the group’s journey towards citizenship represents not only a legal process but also a cultural and spiritual return to their roots.
Also present at the meeting was Natalie Jackson, an attorney who is also expected to receive Ghanaian citizenship during the ceremony. She works closely with renowned civil rights lawyer Ben Crump.
Mr Okyere Darko emphasised that Ghana remains committed to strengthening relationships with the African diaspora and promoting unity, identity, and shared heritage among people of African descent worldwide.
By: Jacob Aggrey
