Tag: BoG
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Average deposit rate drops again in 2017
The average interest offered by banks on customer deposits has dropped by about 0.4 percent between February and March this year. The figure declined from 11.6 percent as at end of February 2017 to 11.2 percent as at end of March; the latest Annual Percentage Rates (APR) and Average Interest (AI) report by the BoG…
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2017 budget to determine BoG’s single digit inflation target
The Ghana Statistical Service has told Citi Business News the Bank of Ghana’s single digit inflation target should be achieved if policies outlined in the 2017 budget impact on prices of goods and services. The Acting Government Statistician, Baah Wadieh explains to Citi Business News the monetary and fiscal policies that influence pricing would translate…
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Dr. Ernest Addison is new BoG Governor
President Nana Addo Dankwa Akufo Addo has appointed Dr. Ernest Kwamina Yedu Addison as Governor of the Bank of Ghana. His appointment is however subject to consultation with the Council of State. A statement signed by the Director of Communications at the Presidency, Eugene Arhin said Dr. Addison’s appointment follows the resignation of Dr. Abdul…
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Ghana records over $ 500m trade surplus in February 2017
New figures from the Bank of Ghana have revealed that Ghana’s total balance of trade for February 2017 recorded a surplus of 573 million dollars. This is equivalent to 1.3 percent of Gross Domestic Product for the period. The surplus is an improvement compared to the over 500 million dollars deficit recorded in February 2016.…
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BoG reduces policy rate to 23.5%
The Monetary Policy Committee of the Bank of Ghana has reduced the policy rate to 23.5 percent. This represents a 200 basis point reduction from the previous figure; 25.5 percent. Governor of the Central bank, Dr. Abdul Nashiru Issahaku disclosed this at the press briefing to conclude the second MPC meeting for 2017. Dr Issahaku…
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Cedi depreciates by 5 percent in March – BoG report
Latest figures by the Bank of Ghana have shown that the cedi’s depreciation against the dollar for March 2017, is five times more than the rate of depreciation recorded in the same period in 2016. The cedi has depreciated from 0.9 to 5 percent within the twelve months period. Also, in March 2017, the local…
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BoG’s 120 million dollars auction begins yielding results
Currency analysts have stated that the Bank of Ghana’s auction of 120 million dollars in the first quarter of this year, to contain the cedi’s depreciation has begun yielding the intended results. According to them, the move would have been more effective if the Bank of Ghana increased its supply of dollars in the first…
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Declining inflation, ‘stable’ cedi to signal drop in policy rate
Economists are highly expectant of a reduction in the policy rate by the Monetary Policy Committee (MPC) of the Bank of Ghana as the Committee prepares to announce its new rate next Monday. They cite the declining inflation, relative stability of the cedi and government’s pro business agenda as the basis for their claims. “Obviously…
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Average interest on agric loans is 33.2 percent – BoG report
Average interest rate on agricultural loans by banks has increased marginally to 33.2 percent as at the end of February this year, the Bank of Ghana’s Annual Percentage Rate and Average Interest report has shown. The report also shows that First Atlantic Bank offers the highest agric loans at 41.2 percent. But Standard Chartered Bank…
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Consumers threaten boycott over unsatisfactory banking services
Reviewing the high-interest rates on loans, improving ATM services as well as reducing the turnaround time at banking halls have emerged as some key concerns for customers of banks. They believe banks should be able to attract more clients and maintain existing ones in the wake of increased competition in the industry. Following the World…