Tag: Bank of Ghana
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Keeping policy rate at 14.5% good for economy – Economist
The decision by the Monetary Policy Committee of the Bank of Ghana to maintain the policy rate at 14.5 percent is a step in the right direction even as the country’s economy is adjusting to ways to be resilient from the effects of the COVID-19 pandemic. This is the view of Dr Lord Mensah, an…
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We’ve put enough measures in place to stabilize cedi – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has expressed confidence in the ability of the local currency to continue with its impressive streak of relative stability in the short to medium term. Compared to the 9.3 percent decline in the value of the Cedi against the US Dollar in the first nine months…
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Bank of Ghana maintains policy rate for 3rd consecutive time at 14.5%
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent after a similar decision in May and July of this year. This makes it the third consecutive time the policy rate has being maintained in 2020. The rate is of keen interest to businesses, as it signals the…
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Ghana’s debt stock up by GHS43.5 billion
Ghana’s total debt stock has gone up again. According to the latest Summary of Macroeconomic and Financial Data from the Bank of Ghana, the total public debt stock which started the year at GHS219.6 billion, saw an accumulation of GHS43.5 billion in seven months. This brings the total debt at the end of July 2020…
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BoG likely to maintain policy rate to protect businesses – Alhassan Andani
Ahead of the commencement of the 96th regular meeting of the Monetary Policy Committee of the Bank of Ghana today, September 22, 2020, the President of the Ghana Association of Bankers, Alhassan Andani says he does not foresee an increase in the policy rate anytime soon. The policy rate determines the rate at which the…
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We’ve not exceeded our financing limit to the budget – BoG
The Bank of Ghana (BoG), has told the Public Accounts Committee (PAC) that it has significantly reduced its support to the budget in compliance with the directive that placed a cap on the bank’s financing. At the PAC sitting on Wednesday, September 2, First Deputy Governor of the BoG, Dr. Maxwell Opoku Afari, said they…
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End of year inflation target likely to be missed – Economist predicts
Economist, Dr. Lord Mensah, has cast doubt on Ghana’s ability to achieve its end of year inflation target of 8 plus or minus 2 percent. After remaining dormant at 7.8 percent in the first quarter, inflation rose sharply to 11.2 percent in the second quarter of 2020. Dr. Lord Mensah believes major factors such as…
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We’ve paid all depositors of collapsed banks – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has rejected claims that depositors who had their monies locked up with the collapsed banks have not been paid. Dr. Addison said all customers of the nine collapsed banks have been paid their locked-up funds. He was speaking at a meeting with President Nana Akufo-Addo after…
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Ban bank staff guilty of fraud from practising – Dr. Atuahene
A corporate governance and banking consultant, Dr. Richmond Atuahene says employees in the banking sector who are found culpable of fraudulent activities should be banned from practising in the sector. This comes days after reports emerged that the Bank of Ghana is currently in consultation with stakeholders to fine-tune a new code of conduct to…
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Economist justifies hike in government’s expenditure after BoG quarterly report
A new report released by the Bank of Ghana on the government’s financial standing in the first quarter of 2020 indicates that the government’s expenditure increased by over GH¢5,867 million; indicating a 28.3 percent increase as compared to the amount of money spent in 2019 over the same period. According to the report, “Government expenditure…