Whereas government has given indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move – it … Read more
Whereas the government has given the indication it will do more of the domestic dollar-bonds, on the back of the maiden one’s success, some analysts fear it could weaken the cedi and deepen dollarisation of the economy. In its weekly currency updates, South Africa’s RMB Global Markets Research said: “We are wary of this move … Read more
The fall in the value of sterling has acted as an important “shock absorber” for the economy, according to Bank of England deputy governor Ben Broadbent. He told BBC Radio 5 live that having a flexible currency was “extremely important” to cope with shocks. “In the shape of the referendum, we’ve had exactly one of … Read more
The Ghana cedi is projected to sell at a higher amount in relation to other major currencies on the global interbank market, Groupe Nduom (GN) Research has predicted. According to the analyses by GN Research, published in its economic outlook report for the fourth quarter, the cedi was estimated to be sold at “GHS4.00, GHS5.04 … Read more
Who will conjure the American Dream back for us? Politics is part prestidigitation, part reality. A great magician distracts her audience’s attention while producing the payoff. Abracadabra! Want to see how it’s done? Focus on the hidden hand. In this case, the United States Senate. The real issue America for American politics is how to … Read more
Attempts by the central bank to hem in inflation continue to yield less than satisfactory results, as a 0.3percent rise in September appears to confirm the Statistical Service’s suspicion that traders could be hiking prices ahead of the twin events of the December 7 polls and Christmas. Government Statistician, Philomena Nyarko, announced yesterday that year-on-year … Read more
Some banks in Ghana have lauded the decision by the central bank to increase the minimum capital requirement of banks. According to them this will provide a platform for banks to perform bigger transactions and intervene in the productive sectors of the economy. In an interview with Citi Business News, the Managing Director of Capital … Read more
Ghana’s current policy rate set by the Bank of Ghana is 26 per cent. Such a rate may be considered to be too high given the current state of the economy, with economic growth for 2015 recorded at four per cent. At 26 per cent, the interest rate is ranked the third highest in the … Read more
Barely two months after parliament passed the Bank of Ghana (BoG) Amendment Bill, the International Monetary Fund (IMF) has punched holes into the Act and is demanding fresh amendments to introduce a number of new provisions. It said the provision allowing central bank financing of up to five percent of previous years’ revenue, as well … Read more
The Ministry of Finance is courting state-owned enterprises (SOEs) to offer themselves up for corporate ratings to enable them to borrow on their own balance sheets to finance projects. The Minister of Finance, Mr Seth Terkper, who made the suggestion in Accra yesterday at a meeting with chief executives and board chairmen of SOEs said, … Read more
Ghana’s headline inflation is likely to slow further downwards raising prospects of a series of interest rate cuts as the government moves to spur growth. The country’s headline inflation rose to 16.9 per cent in August, having dropped from 19.2 per cent since March, prompting calls for the Bank of Ghana to ease Monetary Policy … Read more
Barely five months after a currency swap deal between Nigeria and China was enmeshed in controversy, the country’s import profile from the Far-East Asian nation has remained high and intermediated by the dollar. While government denied striking such deal, the earlier move was widely celebrated as a panacea to unending huge dollar demand and pressure … Read more
Efforts by Managers of Ghana’s economy to arrest inflation in the past four years have proved futile as prices of goods and services continue to soar in the country. The situation has impacted negatively on businesses as business owners also have to grapple with high cost of borrowing and high taxes. Business Finder’s analysis of … Read more
Governor of the Bank of Ghana (BoG), Abdul Nashiru Issahaku, has corroborated government’s claim that the economy is turning around. Addressing the media after chairing the Monetary Policy Committee meeting last week that reviewed the health of the economy, Dr Issahaku said given previous challenges current developments would pass for a significant turnaround. “If you look … Read more
The Bank of Japan said Wednesday that it’s introducing a new long-term interest rate target of around zero. The bank has already gone to extreme lengths in its attempts to stimulate the country’s stagnating economy in recent years, gobbling huge amounts of Japanese government bonds and taking a key interest rate into negative territory. But … Read more
The stability of the Ghana cedi against the major foreign currencies, particularly the United States dollar, is expected to be sustained into the future in what is expected to bring a big relief to businesses. The positive news about the projected stability of the local currency is buttressed by the maintenance of the monetary policy … Read more
The Monetary Policy Committee (MPC) of the central bank has said it is undisturbed by perceived inflationary pressures which the Statistical Service said could result from traders hiking prices ahead of the December polls. “We haven’t seen any indication that the election is a real concern. Our surveys and even consumers tell us the economy … Read more
The governor of the Bank of Ghana (BoG) Dr. Abdul Nashir Issahaku has described as worrying the country’s current average lending rate which is hovering around 33 percent. According to the Dr. Issahaku, the central bank was committed to bringing down lending rates by tightening monetary policy. Speaking to Citi Business News, Dr. Issahaku said … Read more
The chairman of the Monetary Policy Committee of the Bank of Ghana (BoG), Dr. Abdul-Nashiru Issahaku, has expressed worry over the current level of inflation, warning that it is still high compared to the medium term target. Speaking Monday after concluding the Central Bank’s 72nd regular MPC meetings, he said per the assessment of the … Read more
The Monetary Policy Committee of the Bank of Ghana has once again maintained its policy rate at 26 percent. This was arrived at the 72nd meeting of the committee after monitoring development of the economy. The rate was last increased in November 2015 during its 67th meeting. In a statement issued by the Bank of … Read more