Tag: Bank of Ghana
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Ghana’s international reserves up to $5.7bn after IMF deal
The country’s gross international reserves have increased to US$5.7 billion after sealing the US$ 3 billion deal with the International Monetary Fund. These are highlights from data made available by the Bank of Ghana. “With the approval of the IMF-supported programme and receipt of the first tranche of the disbursement, the gross international reserves have…
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MoMo transactions hit GH¢ 550.4bn in first four months of 2023
In the first four months of 2023, Mobile Money (MoMo) transactions in Ghana totalled GH¢ 550.4 billion. This is according to data from the Bank of Ghana. Its May 2022 Summary of Economic and Financial Data showed that the figure is an increase in the GH¢ 331.2 billion recorded during the same period in 2022.…
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BoG maintains monetary policy rate at 29.5%
Cost of borrowing is expected to remain high at least for the mean time as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 29.5 percent. This is the first time this year that the Central Bank is maintaining the key rate. The monetary policy rate, which is…
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Monetary policy rate likely to be increased marginally – Economists predict
As the Bank of Bank of Ghana (BoG) prepares to make major pronouncements on its assessment of the Ghanaian economy today [May 22], some economists are forecasting a marginal increase in the policy rate. This comes amid calls from the International Monetary Fund (IMF) for the Bank of Ghana (BoG) to continue tightening monetary policy…
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IMF’s $600 million hits Bank of Ghana’s account
The first tranche of cash from the International Monetary Fund (IMF), meant for budget support and to help stabilize the cedi, has hit the accounts of the Central Bank today, 20th May, 2023. The cash support is the first tranche of the $3 billion bailout package approved by the International Monetary Fund, IMF. A tweet…
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IMF bailout: Bank of Ghana Act to be revised
Ghana’s International Monetary Fund (IMF) programme will among other things revise the Bank of Ghana Act in a bid to strengthen the central bank’s independence and mitigate fiscal dominance. The amendments to the BoG Act will feature a stricter limit for monetary financing, mechanisms to monitor and enforce compliance, and a clear definition of emergency…
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BoG’s MPC commences assessment of economy today
The Monetary Policy Committee (MPC) of the Bank of Ghana will today commence its regular meetings to review developments in the economy. This meeting which is the 112th, will end with a press conference on Monday, 22nd May, 2023. The meeting will also end with a decision on the appropriate positioning of the Central Bank’s…
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Cut your rates before asking banks to reduce lending rates – Economist to BoG
A finance lecturer at the University of Ghana Business School, Prof. Godfred Bokpin is of the view that it may be premature for commercial banks in Ghana to lower their lending rates in response to the recent decline in inflation rate. Bokpin’s comment follows the call by the Bank of Ghana for commercial banks operating…
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BoG urges commercial banks to lower lending rates as inflation figures decline
The commercial banks operating in Ghana have been urged by the Bank of Ghana to lower their lending rates while the country’s inflation figures are showing a decline. According to the Ghana Statistical Service, the inflation rate for April 2023 was at 41.2 percent, a drop from the earlier recorded 45 percent in March 2023.…
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BoG pushes for improvement in IMF’s lending framework to boost continent’s access to resources
The Bank of Ghana is advocating an upgrade in the lending framework of the International Monetary Fund. This, according to the Governor of the Central Bank, Dr. Ernest Addison, will go a long way to help boost African countries’ access to the Fund’s resources. Addressing the 2023 Africa Consultative Group meeting in Washington DC, Governor…