Tag: monetary policy rate
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Economists expect Ghana’s policy rate to be maintained
Ahead of the commencement of the 97th Regular Meetings of the Monetary Policy Committee of the Bank of Ghana, some economists have told Citi Business News that they expect the Central Bank to maintain the rate for a fourth consecutive time. They attribute their expectations on the high fiscal deficit of the country. The 97th…
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We’ve put enough measures in place to stabilize cedi – BoG Governor
Governor of the Bank of Ghana, Dr. Ernest Addison has expressed confidence in the ability of the local currency to continue with its impressive streak of relative stability in the short to medium term. Compared to the 9.3 percent decline in the value of the Cedi against the US Dollar in the first nine months…
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Bank of Ghana maintains policy rate for 3rd consecutive time at 14.5%
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent after a similar decision in May and July of this year. This makes it the third consecutive time the policy rate has being maintained in 2020. The rate is of keen interest to businesses, as it signals the…
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Lending rates dropping but not fast enough – MSMEs
Despite the Monetary Policy Rate (MPR) remaining at 14.5 percent for the better part of 2020, average lending rates of commercial banks have not dropped low enough for many stakeholders. According to the Summary of Economic and Financial Data released by the Bank of Ghana in May this year, Commercial Banks started the year lending…
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BoG likely to maintain policy rate to protect businesses – Alhassan Andani
Ahead of the commencement of the 96th regular meeting of the Monetary Policy Committee of the Bank of Ghana today, September 22, 2020, the President of the Ghana Association of Bankers, Alhassan Andani says he does not foresee an increase in the policy rate anytime soon. The policy rate determines the rate at which the…
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Monetary Policy Committee to begin 3-day meeting to assess economy today
The Monetary Policy Committee of the Bank of Ghana is scheduled to begin its regular meetings from today, Tuesday, September 22, 2020, through to Friday, 25th September 2020. The 96th meeting of the Monetary Policy Committee is to review developments in the economy and take the necessary steps to ensure financial and economic stability. A…
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Local banks now more resilient and able to support economic growth agenda – Finance Minister
The Finance Minister, Ken Ofori-Atta, says the banking sector reforms undertaken by government in 2017 and 2018, has strengthened local banks, making them more resilient to shocks. Assessing the balance sheets of local banks currently, the Finance Minister argued that the financial health of Ghanaian-owned banks are stronger compared to the period before the cleanup…
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Economists react to BoG’s decision to maintain policy rate at 14.5%
Some economists have reacted to the decision by the Bank of Ghana, BoG, to maintain the policy rate at 14.5%. 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 rates, was kept unchanged at 16 percent for at…
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Bank of Ghana to announce Monetary Policy Rate today
The Monetary Policy Committee (MPC) of the Bank of Ghana, is set to announce the policy rate later on Monday, July 27, 2020. The rate is of keen interest to businesses, as it determines the rate at which the BoG lends to commercial banks, and subsequently influences interest rate on loans. The Committee begun its…
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BoG likely to reduce or maintain policy rate to protect businesses – Lord Mensah
Economist, Dr. Lord Mensah, says he does not foresee an increase in the policy rate anytime soon. According to him, the Central Bank is likely to either maintain or reduce it further to cushion businesses as they are already struggling due to the impact of the Covid-19. The Policy rate determines the rate at which…