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    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

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    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

    Old Mutual celebrates 177th anniversary globally, 10 years in Ghana

    Gov’t expenditure needs to be checked to help deal with inflation – ICAG

    Take control of financing on the continent – Ofori-Atta to AfDB

    We’ll avert any looming food crisis with effective planning – AfDB Boss

    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

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    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

    Manufacture of petroleum products push PPI to 31.2% in April

    Nigeria begins processes to join Ghana-Côte d’Ivoire Cocoa Initiative

    Victor Yaw Asante, FBNBank Ghana MD

    Banks will continue to innovate to meet customers’ expectations – FBNBank’s MD

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    Government to invest heavily in internet safety – Ursula pledges

    Ho Node Hub rebrands as Node Eight

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    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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Interests on loans to drop if … – Nana Otuo Acheampong

bycitibusinessnews
November 22, 2016
in Banking And Finance, Government, Local Economy, Top Stories
Nana Otuo Acheampong

Nana Otuo Acheampong

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Some financial analysts are anticipating that the Bank of Ghana (BoG) will sustain the decision to reduce further, its policy rate to ease access to credit to businesses.

According to them, commercial banks will respond to calls for lower interest rates if the primary reference which is the policy rate, drops.

“It is in the right direction and we hope that it will continue and we will see lower interest rates because businesses presently are finding credit very expensive,” Nana Otuo Acheampong, Banking Consultant told citibusinessews.com.

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The Monetary Policy Committee (MPC) of the Bank of Ghana, on Monday reduced the prime rate which is the rate at which the central bank lends to commercial banks in the country.

The Governor of the Central Bank, Dr. Abdul Nashir Isshaku cited the cedi stabilization and reducing inflation as basis for the decline in the policy rate.

The figure which had been kept unchanged at 26 percent for four consecutive times this year, declined by 50 basis points to 25.5 percent.

Like other analysts, Nana Otuo Acheampong further ruled out a significant impact of the reduction on interests on loans.

He explained the factors determining the base rates would eventually culminate in a figure that will be equal or above the new policy rate.

“Banks are now going to add on their risk factors for lenders so we wouldn’t see a big reduction in the lending rate for the banks to enable businesses to generate the required turn over that we want to see.”

Meanwhile the Head of the Osei Tutu II Centre for Executive Education and Research is optimistic commercial banks could lessen their stance on restricting credit if the MPC reduces the prime rate subsequently.

“With the non performing loans structure that the banks encountered last year, they are not lending much and that was expressed in the report that the Governor read to the press that credit is very tight,” he concluded.

–

By: Pius Amihere Eduku/citibusinessnews.com/Ghana

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A woman holds 03 July 2007 in Accra a wad new currency, the new cedi, that Ghana put in circulation that day, although the old money will still be valid until the end of the year. Currently, the cedi is one of the least valued currencies in Africa: 9000 cedis equal one US dollar.   Ernest Addison, head of research at the Bank of Ghana, assured in November 2006 that the changeover was not a revaluation nor devaluation, and will not affect foreign exchange.  AFP PHOTO / ISSOUF SANOGO (Photo credit should read ISSOUF SANOGO/AFP/Getty Images)

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