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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

    Ghana’s public debt stock hits ¢575.7bn in November 2022; more than 90% of GDP – BoG

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

    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

  • TECHNOLOGY

    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

    E-commerce in Ghana – statistics & facts

    Telcos ready to begin deactivating unregistered SIMs – Chamber of Telecommunications

    Malagasy delegation completes tour of Ghanaian Fintechs and MFIs

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

    Feed Africa Summit: African Development Bank to commit $10bn to make continent breadbasket of the world

    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

    AUDA-NEPAD holds workshop for Youth and Media on AU Year of Nutrition

    Agribusiness entrepreneurs must take advantage of AfCFTA – ADB MD.

    Inflation, debt, and forex crisis is pushing many African economies to the brink – IMF warns

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Increasing policy rate to check inflation not working, review approach – AGI to BoG

byMichael Ogbodu
December 6, 2022
in Top Stories
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The Association of Ghana Industries (AGI) admonishes the central bank to review its strategy of an upward adjustment in the policy rate to check inflation.

AGI thinks that the approach has over the period failed to address the challenge with inflation currently standing at over 40 per cent despite consistent hikes in the policy rate.

Greater Accra Regional Chairman of AGI, Tsonam Akpeloo argues that this approach only crowds out the private sector from accessing critical resources to sustain their operations.

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“We are just appealing to the central bank to consider the plight of the private sector and know that the more they increase, the more they crowd out the private sector, and the more we are unable to buy the loans that we need to be able to expand our production.”

He added that more sustainable alternatives must be adopted to protect the business community.

“AGI is extremely concerned about the continuous increase of policy rate to deal with inflation. This trend has been continuing for the past couple of months if not years and we believe that it’s not yielding the desired result and so the central bank should discontinue that approach of using increasing policy rate as a mechanism of dealing with inflation.”

“As it is now, everybody knows that despite the increases we’ve seen in the policy rate, the inflation rate is still going up. So we can’t continue to solve a problem that is not being solved with a measure that is not achieving the result we desire.” He stressed.

The Bank of Ghana recently increased its policy rate by 2.5 percentage points to 27%, citing risks to inflation and exchange rate concerns.

This implies that the cost of borrowing In the country is anticipated to increase further, however it will depend on the customer’s risk profile. Customers with established credit may get slightly better rates than first-time borrowers or those who are viewed as being at risk.

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