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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

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    [From the left] Thomas Abanga (CEO of Abanga Farms & Food Systems), Selma Ashipala Musavyi (Namibia High Commissioner to Ghana), Dr. Benjamin Sasu (Head of Food Safety), Mrs. Chariti Gbadawo (Director at the Ministry of Foreign Affairs & Regional Integration) ), Prof Bani (Board Chairman, Abanga Farms and Food Systems) and Clarence Zamuee (MEATCO Rep)

    Ghana’s Abanga Farms & Food Systems and Namibia’s Meatco in big partnership

    Gov’t still plans on tabling a legislation to compel banks to lend to the Agric sector – Agric Minister

    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Enterprise Group PLC records 37% rise in revenue in 2021

    Prices of petrol, LPG to fall by 4% in first pricing window of July – IES

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    ASTM International pledges support for Ghana’s petroleum industry

    NIB MD laments cost of borrowing for private sector

    Finance professionals urged to develop strategies to boost ESG-driven business environment

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    Financial transactions will be allowed even without Ghana card from 1st July – GAB assures

    Losses due to fraud in banking sector in 2021 up by 144%; hits GH¢61m – BoG report

    BoG, CSA deepen collaboration to fight cyber threats

    Dr. Bawumia unveils Ghana’s first Tier IV data centre

    ADB pioneers in global remittance services in Ghana [ARTICLE]

    Introduction of GhanaPay complements efforts to capture the unbanked into digital payments ecosystem – Veep

    #CitiBusinessFestival: How the country can take advantage of the “Ghana Opportunity”

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    Gulf central banks, Bank of England raise policy rates after Fed hike

    US Fed meets inflation surge with 75bp hike

    As Nigeria’s inflation rate accelerates to 17.71%, the World Bank warns millions could face extreme poverty

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    Ticket prices to rise following B.A schedule change on Accra-London-Accra route

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Analyst shocked at BoG for maintaining policy rate

bycitibusinessnews
July 18, 2016
in Banking And Finance, Government, Top Stories
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A Senior Lecturer of Finance at the University of Ghana Business School, Dr. Lord Mensah has expressed surprise at the Bank of Ghana’s decision to maintain the policy rate at 26%.

According to him, macro economic indicators such as the decline in inflation, should have reflected in a drop in the policy rate.

Dr. Mensah’s comment follows the Monetary Policy Committee’s decision to maintain the prime rate at 26 percent at its 71st Monetary Policy Committee (MPC) meeting, on Monday, July 18, 2016.

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 “I think it is a surprise, with the maintenance of the policy rate. There is some kind of uncertainty around it as one is not sure when the rate will come down or move up. But for me looking at all the indicators on the ground, if you are really abreast with all that is happening on our macro-economic front, then I presume the rate should have come down,” he remarked.

“We have seen inflation going down and most of the time the monetary policy rate is basically on inflation targeting and if inflation is coming down, it shows that there is a signal that interest rates can come down for businesses to borrow,” he added.

He was however of the opinion that the central bank may have maintained the rate due to low liquidity.

“Now, if inflation is coming down, that means we don’t have much money chasing more goods in the economy and therefore this only shows that there is lack of money in the system,” he explained.

Meanwhile, Dr. Mensah predicted that the cost of borrowing will remain the same especially as the monetary  policy rate is still pegged at 26%.

“If the monetary policy rate which is the basis of all interest rates, that is the rate that the various banks can borrow from the Central Bank for them to do all lending to businesses and individuals is maintained, I don’t think we will realize any change in the interest rate. So with cost of borrowing, we should not expect that interest rate to change, cost of borrowing will remain the same,” he stated.

–

By: Jessica Ayorkor Aryee/citibusinessnews.com/Ghana

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