Ahead of the announcement of a new policy rate by the Bank of Ghana on Monday, some economists are predicting a further drop in the policy rate. Economist Professor Godfred Bokpin explains to Citi Business News, the reduction in interest payments due to the debt restructuring, should prompt a further drop in the policy rate. … Read more
In what may appear to be a disappointing news for industry, some economists are predicting that the central bank will maintain the monetary policy rate in its next review instead of further reducing it as has been the trend. The monetary policy committee Friday began its 76th policy meeting to review some developments in the … Read more
GN Research expects the Monetary Policy Committee (MPC) to keep the Monetary Policy Rate at 23.5%, due to a positive trend in inflation outlook, a stable currency, an improved investor confidence and the general positive outlook for the economy. The (MPC) of the central bank is set to announce a new Monetary Policy Rate (MPR), … Read more
Bank of Baroda emerged as the best place to secure credit according to the latest Average Interest and Annual Percentage Rate APR released by Bank of Ghana (BoG). The report assessed the actual rates changed by some 32 banks, ending the month of April with emphasis on the actual interest charged on loans and credit … Read more
Capital Bank’s V12 Campaign is gathering momentum days after its launch as customers and prospective customers throng to Capital Bank to make enquiries and to make deposits. The campaign which started on Monday, 15 May, 2017 was meant to give superior value to customers and to consolidate the bank’s position as the best retail bank … Read more
Following the rise in inflation from 12.8% in March to 13% in April 2017, some economists have advised government to put in measures to control it as they warn it will affect the rate of treasury bills as well as interest rates on loans. According to the Ghana Statistical Service, the rise in the April … Read more
Bank of England governor Mark Carney has warned of a consumer spending squeeze this year as inflation rises and real wages fall. This year will be “a more challenging time for British households” and “wages won’t keep up with prices”, he said. He was upbeat about wage growth beyond 2017 – but only if the … Read more
The figure went up by 1.6 percent from the 12.8 percent recorded in March this year. According to the Ghana Statistical Service (GSS), inflation for food items was 6.7 percent. Meanwhile inflation for non-food items such as transport and utility, went up by 16.3 percent in April 2017. The Acting Government Statistician, Baah Wadieh explained … Read more
Ecobank Ghana Limited has announced an increase in the bank’s total revenue of GHS1.2 billion for the year 2016, representing an 18 percent growth from the 2015 performance. Per the increase, the Board of Directors of the bank has declared a dividend of 82 pesewas per share at an Annual General Meeting (AGM) held in … Read more
The second deputy governor of the Bank of Ghana (BoG), Dr. Johnson P. Asiama, has charged African central banks to ensure monetary policy credibility by removing all technical and political constraints which are pervasive within the African central banking context. According to the Dr. Asiama, this is crucial for attaining monetary policy objectives, particularly in … Read more
The US Federal Reserve on Wednesday made no change in the benchmark interest rate and downplayed recent weak economic growth, a signal it likely will remain on course for gradual rate hikes. The Fed’s policy-setting Federal Open Market Committee voted unanimously to keep the federal funds lending rate in a range of 0.75-1.0 percent, just … Read more
The Federal Reserve was set to open its two-day policy meeting on Tuesday amid signs of softening inflation which eases the pressure to raise interest rates, at least for now. The central bank is not expected to move the benchmark lending rate Wednesday from the current target range of 0.75 percent to one percent. Most … Read more
Australia’s annual inflation rate has moved back into the central bank’s target range for the first time in more than two years, data showed Wednesday, all but ruling out more interest rate cuts. Consumer prices rose 0.5 percent in the March quarter, taking the annual rate to 2.1 percent, the Australian Bureau of Statistics said. … Read more
The banking industry average base rate as at the end of March stood at 26.7 per cent, data from the Bank of Ghana has shown. The data indicates a drop of 0.9 per cent in the base rate from the month- end January rate of 27.6 per cent. The data is contained in the Central … Read more
As the global recovery has taken firmer hold, gradual US interest rate increases are unlikely to roil world markets or cause undue problems for policymakers, a top Federal Reserve official said Wednesday. And as the US central bank continues to raise the benchmark lending rate, it will be seen as a sign of confidence in … Read more
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 the monetary and fiscal policies that influence pricing would translate into a reduction … Read more
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