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    Deadline for debt exchange program moved to February 7 with new terms

    Government finally makes progress on Debt Exchange Program

    Policy Rate increased by 100 basis points; now at 28%

    Africa loses $88bn annually through illicit financial flows – Akufo-Addo

    AMA to roll out digital revenue collection system in March 2023

    We will not layoff Vodafone staff – Telecel

    Petrol to sell for GHS15 in February – IES

    $130bn and $170bn needed annually to bridge Africa’s infrastructural gap – Bawumia

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    Government and Association of Banks reach agreement on DDEP

    DDE: Banks secure 5% coupon for 2023; other revisions

    Cocoa bill payment; BoG, COCOBOD others agree to roll over maturing investments

    AfriCatalyst to host conference on use of Special Drawing Rights to accelerate economic transformation

    Banks seek shorter maturities in local debt-swap deal

    Zenith Bank ceases trustee services in unit trust schemes in Ghana

    Gold for oil policy will reduce pressure on forex – Bawumia

    Ghana best place for business – Nana Addo woos UAE investors

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    MTN to fight $773m tax bill from government

    Telcos to implement 1% E-Levy charge from today

    Huawei Equips 500 Traders in FinTech

    Africans urged to bolster adoption of Bitcoins

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Meta considered building a Twitter competitor to capitalize on Elon Musk’s ‘crisis’ at company

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    Nigeria’s national debt hits an all time as the country struggles with repayment

    What does 2023 hold? Predictions in payments for the year ahead for Africa

    Nigeria set to stop importation of refined oil and refine its own oil by 2023

    EIU analysts forecast grim economic outlook for Africa in 2023

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Maintaining policy rate is sub-optimal – Economist

bycitibusinessnews
March 22, 2016
in Banking And Finance, Business, Top Stories
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The Monetary Policy Committee could have reduced the policy rate rather than maintaining it.

This is the observation of Economist, Dr. Godfred Bokpin.

[contextly_sidebar id=”8BzdpHS6hgWfkDfIycTnn8BGQHusKBka”]According to him, a reduction in the central bank’s policy rate would have enabled commercial banks address challenges such as high incidences of Non-Performing loans due to high interests.

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The Monetary Policy Committee of the Bank of Ghana, at its MPC meeting on Monday, maintained the policy rate at 26 percent.

This is the second time the rate has been maintained this year.

Governor of the Central bank, Dr. Henry Kofi Wampah attributed the decision largely to the country’s inflationary trends and a marked improvement in the country’s energy sector.

But Dr. Godfred Bokpin in an interview with Citi Business News, described the Bank of Ghana’s decision as sub-optimal.

“It is sub-optimal; it is not the optimal thing to do. I am of the view that the rate could have come down a bit as a way of signaling to the market that things are easing. Ultimately we have to grow the economy and to do that we are looking at bringing down the policy rate. 26 percent is already high enough and that in itself is contributing to a high productive cost base and that makes businesses quite non-competitive,” He stated.

Dr. Bokpin added, “The higher interest rates are causing Non-loan performances in the system and we have to be looking at addressing these things and I believe that we have done enough to contain the threats of inflation and we should be going for growth policies now.”

Dr. Bokpin’s comments supports earlier ones calling for a reduction made by some economists and bankers prior to the announcement by the Monetary Policy Committee on Monday.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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