The US central bank’s shield from political interference is “under some threat” from Congress, a prospect that could erode progress in the economy, Federal Reserve chief Janet Yellen warned Monday. Research shows that countries that allow the central bank independence in setting monetary policy “tend to enjoy stronger macroeconomic performance,” Yellen said in a discussion … Read more
First National Bank has said the Ghanaian economy is not likely to expand as much as the government expects, pegging its economic growth projection for the year at 4.5percent, as against government’s 6.3percent growth target. Speaking at the bank’s second economic and business breakfast meeting, its Africa Macro Strategist for Global Markets, Celeste Fauconnier, said: … Read more
Ghana’s local currency, the Ghana cedi ended the first quarter of this year with a depreciation rate of 2.52 per cent to the US dollar. This is against a depreciation rate of 2.80 percent at the end of January 2017 and 6.2 per cent at the end of March 2017. Many analysts are optimistic the … Read more
Ghana’s Central Bank could slash further its benchmark interest rate to as low as 17.50 per cent by the end of this year, investment firm, InvestCorp is predicting. With inflation trending downwards (13.2 per cent) and expected to drop further, the development should help spur lending and business activity as the cost of doing business … Read more
Policymakers at the Federal Reserve continue to see “considerable uncertainty” about the effects of possible fiscal stimulus from the Trump administration, according to meeting minutes released Wednesday. Members of the US central bank also pointed to looming elections in Europe — where a wave of populism has called prevailing trade policy into doubt — as … Read more
The pace of hiring by the US private sector edged upwards in March, with employers adding more than a quarter of a million jobs, according to the payroll firm ADP. The survey, covering nearly 24 million workers, showed that small, medium and large businesses added 263,000 new jobs, up 7.3 per cent from February’s 245,000, … Read more
The pace of hiring by the US private sector edged upwards in March, with employers adding more than a quarter of a million jobs, according to the payrolls firm ADP. The survey, covering nearly 24 million workers, showed that small, medium and large businesses added 263,000 new jobs, up 7.3 percent from February’s 245,000, which … Read more
The Ministry of Finance (MoFEP) has commended Dr. Abdul-Nashiru Issahaku for his stewardship of the Central Bank from April 2016 when he assumed office. A statement issued yesterday and signed by Ken Ofori-Attah, Minister of Finance, said Dr. Abdul-Nashiru Issahaku announced his resignation as the Governor of Bank of Ghana (BoG) due to personal reasons … Read more
Inflation in Europe’s largest economy Germany has fallen back sharply over the past four weeks, after overshooting the European Central Bank’s target in February. This makes a change in monetary policy less likely. Prices rose 1.6 percent compared with March 2016, figures from federal statistics authority Destatis showed, a 0.6-percentage-point decrease from February’s figure. The … Read more
The Minister for Monitoring and Evaluation, Dr. Anthony Akoto Osei has told Citi Business News the Bank of Ghana Governor’s decision to resign could be largely attributed to the difference in political ideologies between him and the governing New Patriotic Party (NPP). According to him, Dr. Issahaku’s open support for the past NDC government could … Read more
Citi Business News has gathered his resignation takes effect from the 1st of April, 2017. It’s unclear what led to his resignation but the Governor is reported to have cited personal reasons for the move. Dr Issahaku was appointed Governor of the Bank of Ghana by former President, John Mahama in April, 2016 after his predecessor … Read more
Two analysts have applauded the Bank of Ghana for recording the biggest drop in the policy rate in nearly 10 years, a move intended to encourage banks to reduce interest rates. Professor Godfred Bokpin from the University of Ghana and Chief Operating Officer of Dalex Finance Joe Jackson, however, say banks are hesitant to respond … Read more
Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has significantly reduced its key lending to commercial banks, the biggest cut in rate in almost 10 years. This represents a 200 basis point reduction from the previous figure—25.5 per cent. Governor of the central bank, Dr. Abdul Nashiru Issahaku, disclosed this at a press briefing in Accra yesterday … Read more
Mr. Jerry Afolabi, an economist, has said the reduction in the policy rate announced by the Central Bank was laudable and will relieve business owners. The Monetary Policy Committee of the Bank of Ghana yesterday [Monday, 27/3/2017] reduced the policy rate by 200 basis points to 23.5 percent from 25.5 percent. Speaking to Kwame Tutu … Read more
The Bank of Ghana has fixed the country’s monetary policy rate at 23.5 per cent, indicating a 200 basis point reduction from the previous rate of 25.5 per cent. The new figure was announced Monday by the governor of the Bank, Dr. Abdul Nashiru Issahaku, at the second Monetary Policy Committee meeting for2017. Dr Issahaku … Read more
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 … Read more
The Monetary Policy Committee (MPC) of the Bank of Ghana has reduced the Monetary Policy Rate by 200 basis points to 23.5 percent. At the 75th regular MPC meeting, Governor of the central Bank Dr. Abdul-Nashiru Issahaku said headline inflation also declined for the fifth consecutive month in February 2017. Inflation fell from 17.2 percent … Read more
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 … Read more
Industry players are upbeat about a possible reduction in the policy rate to be announced by the Bank of Ghana later today. Their hopes are largely built on the declining inflation as well as drop in interest rates on the Treasury bill market. Already, some Economists say the pro-business agenda of the NPP government should … Read more
The Monetary Policy Committee of the Central Bank of Ghana (BoG) is widely expected to loosen its tight monetary stance, after inflation trended downwards for the fifth consecutive time and the local currency maintained a steady performance against the US dollar. Inflation, has since October last year, fallen consistently from 15.8 percent to 13.2 percent … Read more