Tag: BoG
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NPP to miss budget deficit target if … – Terkper
Former Finance minister, Seth Terkper has predicted that the NPP government will miss its budget deficit target for this year. He argues that the government’s efforts to ensure tax compliance and cut down some expenditure may yield little impact on the economic prospects. Mr. Terkper’s arguments are contained in an article where he impresses on…
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BoG reduces policy rate by 150 basis points
The Bank of Ghana has reduced its policy rate to 21 percent. The figure represents a 150 basis points reduction from the 22.5 percent. This is the third consecutive time that the policy rate has been reduced by the central bank. Governor of the Bank of Ghana, Dr. Ernest Addison who announced the new rate…
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Banks’ interests on car loans drop to 31.1 % in June
The latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana shows that Unibank offers the highest rate on vehicle loans. Its rate on your car loan is 39.8 percent. The report, however, stated that Bank of Baroda’s rate between 22 and 28 percent is least among banks that offer…
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Economists highly confident of single digit inflation in 2018
Some economists are positive Ghana will attain single digit inflation by next year. According to them, key indicators such as declining inflation and other fiscal conditions as well as the stable currency regime, could help attain single digit inflation in the future. The Bank of Ghana is optimistic of achieving a single digit inflation of…
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Average interest on deposits drops marginally in June – BoG report
The average interest offered by banks on customer deposits dropped by 2.67 percent between May and June 2017. According to the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the Bank of Ghana, the figure declined from 11.2 to 10.9 percent within the one month period. Although its rate has dropped marginally, Omnibank…
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Govt to raise GH¢17.4 bn in third quarter
Government is seeking to raise 17.4 billion cedis in the third quarter of this year from the securities market. The cash accrued will be used to rollover maturities as well as to take care of government financing requirement. A statement from the Bank of Ghana stated that about 14 million cedis of the total will…
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Strict tax laws to avert revenue loss over illicit financial flow
Tax Analyst, Abdallah Ali Nakyea is pushing for a critical review of Ghana’s tax regime to reduce the massive economic losses due to illicit financial flows. He argues that though the canker is depriving the country of huge revenue, a stricter implementation of the existing laws should prevent any further losses. The Global Financial Integrity…
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Banks’ loans to private sector increase by 45% in April – BoG report
Banks have begun easing out their stance on credit to the private sector following declining interest rates. The Bank of Ghana’s latest Banking sector report reveals that the credit allocation by banks increased from April 2016 to April 2017. Net loans and advances to the private sector by the commercial banks (which is total loans to customers,…
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Average interest on mortgages stays at 33.2 %, GCB offers highest
The average interest rate for mortgage loans among commercial banks remained at 33.2 percent in May 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, GCB Bank still offers the highest interest on mortgages. The bank’s interest on mortgage loans still stands at 40.3 percent. It is followed…
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Banks’ interest rates drop marginally – BoG report
Interest rates of banks have seen marginal declines between April and May 2017. An assessment of the average interests charged by the commercial banks on loans and advances shows that the banks have generally reduced their interest rates. The interest rates on loans and advances have declined between 0.3 and 1.8 percent. According to the…