Tag: interest rate
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Republic Bank slashes interest rates on all cedi mortgages
Republic Bank (Ghana) PLC has slashed its interest rates on all Cedi mortgages. Customers and prospects are being offered the lowest interest rate on all cedi mortgages from September 2023 until the end of February 2024. The Bank has been at the forefront of the mortgage business from its inception in 1990 as a Home…
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China cuts key interest rate as recovery falters
The People’s Bank of China (PBOC) lowered its one-year loan prime rate to 3.45% from 3.55%. The country’s post-Covid recovery has been hit by a property crisis, falling exports and weak consumer spending. The cut comes as other major economies raised rates to tackle rising prices. The PBOC last cut its one-year rate – on…
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Excessive interest rate hikes negatively affecting trade and industry – Stephen Amoah
Deputy Minister for Trade and Industry, Dr. Stephen Amoah has raised concerns about the potential negative impact of excessive interest rate hikes on trade and industry, particularly in light of the persistent inflationary pressures experienced in the country. Dr. Amoah urged policymakers to exercise caution when adjusting interest rates, as their strategy may inadvertently worsen…
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16 percent policy rate must reflect in cheaper credit – Chamber of Commerce
The Ghana National Chamber of Commerce and Industry is asking the Bank of Ghana to ensure that the decision to maintain the policy rate at 16 percent translates into lower interest on credit for businesses. The policy rate determines the rate at which the Central bank lends to commercial banks, and subsequently how much people…
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BoG maintains policy rate at 16 percent to achieve end-of-year inflation target
Cost of borrowing may not go down at least before the year ends as the Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 16 percent. This was announced after the final meeting of the committee for 2019. The policy rate is the rate at which commercial banks borrow…
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BoG puts reference rate for April at 16.82%
The Bank of Ghana has pegged the Ghana Reference Rate for April 2018 at 16.82%. This means that all commercial banks will determine their interest rates on their loans with the figure as their reference. The new system also follows the central bank’s decision to review the previous Base Rate model which adopted a minimum…
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Mixed reactions meet BoG’s cut in policy rate
There are mixed reactions to the Bank of Ghana’s new policy rate of 18%. The central bank on Monday, March 26, 2018 announced that it has reduced the policy rate by 200 basis points after concluding its Monetary Policy Committee (MPC) meetings for the quarter. The Governor of the Bank of Ghana, Dr. Ernest Addison…
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![4 key highlights of BoG’s economic data [Article]](https://citibusinessnews.com/wp-content/uploads/2016/05/bog-1.jpg)
4 key highlights of BoG’s economic data [Article]
Bank of Ghana (BoG) just released its November 2017 economic and financial data. I found 4 key highlights from the BoG report. NPL increasing: Non-Performing Loans (NPL) are still increasing for Banks – September 2017 it was 22.2% and in October 2017, it was 21.6% compared to 19% in October 2016. Why is it increasing? We…
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Interest rates on deposits remain at 10.4 %
The average interest rate among commercial banks remained unchanged at 10.4 percent in October 2017. According to the Bank of Ghana’s Annual Percentage Rate (APR) and Average Interest (AI) report, Bank of Africa and Bank of Baroda offer the highest interest rates on customer deposits at 16.1 percent. At the second position is Omni Bank…
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Govt projects ‘higher’ interest rates for energy bond
Government may be targeting at least 19 percent interest rate on the energy bond to be issued to clear the debts in the energy sector. Citi Business News understands this is relatively higher compared to the estimated 18 percent rate on the ten year domestic bond. Sources close to the bond issue also indicate that…