Tag: Bank of Ghana
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Economist cautions gov’t to avoid overspending due to COVID-19
Economist, Dr. Lord Mensah, has advised government to be measured in its expenditure for the 2019/2020 financial year particularly amidst the coronavirus pandemic. His advice comes on the back of a government request for 10 billion cedis financial support from the Bank of Ghana to mitigate the economic impact of COVID-19. The Finance Minister, Ken…
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COVID-19: Gov’t receives initial support of GHS5.5bn from BoG
The Finance Minister, Ken Ofori-Atta, on Thursday presented a report to Parliament over government’s plan to trigger section 30 (6) of the Bank of Ghana Act. This is to help government obtain 10 billion Ghana Cedis in domestic financing from the Central Bank to deal with the economic challenges occasioned by the coronavirus pandemic. Addressing…
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Terkper challenges Ghana’s debt figures published by BoG
Former Finance Minister, Seth Terkper, says Ghana’s total debt stock published by the Bank of Ghana does not reflect the true debt of the country. Mr. Terkper argues that Ghana’s debt to GDP is currently 63 percent and not the 59.3 percent published by the central bank. The Bank of Ghana in its Summary of…
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uniBank collapse: Court orders AG to give Duffuor’s lawyers access to all evidence
The High Court in Accra has directed the Attorney General to provide lawyers of Dr. Kwabena Duffuor and Dr. Johnson Asiama all the evidence they will rely on in prosecuting their case involving the collapse of indigenous bank, uniBank. The two men alongside nine others were dragged to court for the various roles they allegedly…
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Businesses react to BoG’s decision to maintain policy rate at 14.5%
In the wake of the COVID-19 pandemic and its impact, Ghanaian businesses had been looking forward to a further reduction in the policy rate by the Bank of Ghana. The policy rate, which is the rate at which the central bank lends to commercial banks, and is also used by banks to calculate their base…
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Bank of Ghana’s index indicates economic decline due to COVID-19
Data released by the Bank of Ghana indicates that the national economy has experienced a recession since the middle of March 2020 when government began taking measures to contain the spread of the novel Coronavirus. According to the Bank, the national economy contracted by 2.2 percent in March 2020, as compared to a growth of…
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Primary reserve requirement reduced to 6% to provide liquidity to SDIs
The Bank of Ghana has reduced the Primary Reserve Requirement for savings and loans companies, finance house companies, and rural and community banks from 8 percent to 6 percent, as well as the 10 percent primary reserve ratio for micro finance companies to 8 percent. This is part of measures to further provide economic relief…
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BoG to finance government’s budget with ¢10bn to tackle COVID-19 impact
The Bank of Ghana says it will support the government’s budget with 10 billion cedis to enable it address the economic impact of COVID-19 on the country. This will include an initial amount of 5.5 billion cedis of the COVID-19 relief bond. The Governor of the central bank, Dr. Ernest Addison, disclosed this at a…
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Bank of Ghana keeps policy rate at 14.5 percent amid COVID-19
The Monetary Policy Committee (MPC) of the Bank of Ghana, has maintained the policy rate at 14.5 percent. This is the first time the rate has been kept unchanged after it was reduced by 150 basis points early this year. The MPC, at the time said the decision was among other things influenced by the…
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Reduce policy rate to inject liquidity into financial sector – Economist to BoG
As the Monetary Policy Committee (MPC) of the Bank of Ghana prepares to announce its policy rate decision today, Friday, May 14, an Economist, Dr. Lord Mensah, is optimistic the Committee will further reduce the policy rate to mitigate the impact of the COVID-19 pandemic on businesses and individuals. He explains that reducing the policy…