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    Ghana’s 2022 economic outlook to remain positive; GDP projected to grow by 5.3% – AfDB report

    African governments tasked to look within the continent in their bid for transformation

    COCOBOD closes purchases for 2021/2022 main crop cocoa season

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

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    6th Ghana CEO Summit to focus on digital leadership for the digital economy

    Ghana Life Insurance Ltd accused of employing delay tactics in payment of claims

    BoG urged African DFIs to enhance credit rating positions to boost investment

    Stringent measures needed to deal with illicit financial transactions in Africa – Akufo-Addo

    Gold exports push Ghana’s trade surplus to $1.3 billion in April

    Value of MoMo transactions decrease by 3% between March and April 2022

    Inflation rate likely to drop to single digits in 2023 – Dr. Ernest Addison

    Monetary Policy Rate increased again by 200 basis points; now at 19%

    Government partners private companies to mine abandoned iron ore in Oti Region

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

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    Block chain’s success will depend on supportive policy environment – Prof. Quaynor

    1.5% E-Levy rate will negatively impact GH¢6.9 billion target – Prof. Quartey

    Transactions to be affected by E-levy

    Bethniel Finance emerges winner in Innovation Challenge Program

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    Standard of cars assembled in Ghana will not be compromised – GSA assures

    GUTA urges gov’t to get other countries to open their borders to facilitate trade

    Kyle Kelhofer appointed as IFC Senior Country Manager for Benin, Ghana, Liberia, Sierra Leone, and Togo

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BoG promises to rectify cedi challenges

bycitibusinessnews
December 11, 2015
in Banking And Finance, Business, Top Stories
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Ghana will make it a priority to address the downward pressure on the cedi, since instilling confidence in the currency will help generate better opportunities for growth.

[contextly_sidebar id=”OH1u3b4Sa2i6GoIouqxsWhAo5sKgSlgx”]This according to the Governor of the Bank of Ghana (BoG) Henry Kofi Wampah.

Speaking to the Oxford Business Group (OBG) during a wide-ranging interview he gave to the global publishing, research and consultancy firm, Wampah acknowledged that the bank had faced a “difficult choice”, given the importance of making credit accessible to the business community.

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However, he added, macroeconomic stability represented an essential “first step” towards sustainable growth.

“If there is not enough incentive to invest in the bond market, many of the private sector’s gains could be lost due to market uncertainty,” he told OBG.

The full interview with Wampah will appear in The Report: Ghana 2016, OBG’s forthcoming publication on the country’s economy.

The report will contain a detailed, sector-by-sector guide for investors, alongside contributions from leading personalities, including the Minister of Finance Seth Terkper.

Wampah highlighted the key part that greater coordination in public sector financing could play in improving fiscal management.

He also told OBG that further monetary financing on the secondary market would be needed “to increase liquidity, creating appetite for longer-term debt securities”.

The central bank, he added, planned to introduce a platform to facilitate secondary market trading.

“By reassuring investors that our debt-management strategy is sustainable, while also making sure there is less of a chance of losses when securities are sold for cash, Ghana can rein in its debt,” the bank’s governor told OBG.

Wampah said a broad-based approach was required to help mitigate market shocks.

Solving Ghana’s macroeconomic imbalances, he continued, marked the first step.

“The drop in commodity prices of chief exports like cocoa, gold and oil has widened the trade deficit, and it will take a collaborative effort to end our over-reliance on commodities,” he commented.

–

Credit :  Oxford Business Group

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