• Live Radio
  • Videos
  • About
  • Contact
  • Despite Media
Ghana Election 2020
  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • VIDEOS
  • Media
    • Videos
    • Audio
    • Live Radio
    • Photos
  • Election 2020
Local News
 
 
 
Home Business Banking/Finance 202002

Policy Rate Still 16%

03-Feb-2020
/ Banking/Finance, Business
Email
Print
Comments 0
Dr. Ernest Addison
(0)
Comments
Share on Facebook Share on Twitter
 

THE BANK of Ghana (BoG) has once again maintained its policy rate at 16 per cent.

This is the fifth consecutive time the central bank has maintained the monetary policy rate at 16 per cent.

The Governor of BoG, Dr. Ernest Addison, made the announcement to journalists on Friday, January 31, 2020 in Accra.

Giving reasons for maintaining policy rate, he said fiscal policy had been a source of considerable stimulus.

He noted that the 2019 budget execution was broadly in line with expectations, with the budget deficit outturn almost on target and within the fiscal rule of 5.0 per cent of GDP.

“While acknowledging that there are electoral cycle fiscal risks, strong commitment by the fiscal authorities to stay on the consolidation path should help sustain the stability and growth achieved over the past three years,” he said.

Over all, according to him, the economy presents fairly resilient and robust performance with regard to output growth and a strong trade and payments position.

The economy is positioned firmly on the path of stability, with inflation forecast to stay within the medium-term target band of 8±2 per cent, barring any unanticipated shocks.

Under these circumstances, the Monetary Policy Committee of BoG at its meeting earlier last week, viewed risks to the inflation and growth outlook as broadly balanced and, therefore, decided to keep the Monetary Policy Rate unchanged at 16.0 per cent, while standing ready to take decisive policy actions when necessary to ensure that inflation remains within the target band.

The policy rate is the rate at which the central bank lends to commercial banks.

On July 19, 2019, the bank announced that it was maintaining the rate at 16 per cent. That was after it had maintained it at the same rate on April 1, 2019 and January 2019, respectively.

Maintaining it at 16 per cent, representing 100 basis points in January 2019, came about after it was reduced by 200 basis points in March 2018 from 20 per cent to 18 per cent, with the bank saying at the time that the immediate risks to the disinflation path were well contained and the conditions then providing scope to translate some of the gains in the macro stability to the economy.

Source: Daily Guide

 

 
 

 

Comments ( 0 ): Post Your Comments >>

Disclaimer: Opinions expressed here are those of the writers and do not reflect those of Peacefmonline.com. Peacefmonline.com accepts no responsibility legal or otherwise for their accuracy of content. Please report any inappropriate content to us, and we will evaluate it as a matter of priority.
Featured Video
Previous Post

Banks’ Total Assets Hit GH¢129.06bn

Next Post

Central Bank Of The Year: Bank of Ghana

 
 

More Stories

Lemonade Finance Rebrands To LemFi
BoG To Reverse FX Control Measures
Absa Bank MD Is CEO Of The Year - Banking Sector
Urgent Warning To Mobile Banking Customers...
BoG Seeks Major Reforms
OmniBSIC Bank Delivers Strong, Resounding Results
Ecobank Double Salary Promotion Reloaded launched to Reward Existing, New Salaried Account holders
Absa Bank Takes Flagship “Readytowork” To Ghana’s Northern Region
UMB Confident Of Growth With Focus On Digital Channels And Platform Play
Next Post

Central Bank Of The Year: Bank of Ghana

  Ghana Business News

  • General News
  • Economy
  • Banking & Finance
  • Stock Market
  • Industry/Manufacturing


 
 

Other Banking/Finance Stories

  • Lemonade Finance Rebrands To LemFi

  • BoG To Reverse FX Control Measures

  • Absa Bank MD Is CEO Of The Year - Banking Sector

  • Urgent Warning To Mobile Banking Customers...

  • BoG Seeks Major Reforms

  • OmniBSIC Bank Delivers Strong, Resounding Results

  • Ecobank Double Salary Promotion Reloaded launched to Reward Existing, New Salaried Account holders

  • Absa Bank Takes Flagship “Readytowork” To Ghana’s Northern Region

  • UMB Confident Of Growth With Focus On Digital Channels And Platform Play

  • Fidelity Bank Rewards Customers With GH610,000 In Sika Bumm Promo

 

 
 

Popular Videos

GHANA MONTIE WITH MAC JERRY OSEI AGYEMAN on NEAT 100.9 FM (TUESDAY 30-05-23)

Kokrokoo Live On Peace 104.3 FM (29/05/2023)

YE KO FIE with OLA MICHAEL on NEAT 100.9 FM (MONDAY 29-05-23)

Peace Power Sports (29/05/2023)

Akan News @ 6pm On Peace 104.3 FM (29/05/2023)

Kokrokoo Discussion Segment On Peace 104.3 FM (30/05/2023)

Peace FM Online and Despite Media

peacefmonline.com offers its reading audience with a comprehensive online source for up-to-the-minute news about politics, business, entertainment and other issues in Ghana

Follow us on social media:

Category

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Opinion
  • Trivia
  • Foreign
  • Audio
  • Photos
  • Videos
  • Elections
Decision Time
Ghana Election 2020 2016 Elections
Services
Live Radio Audio on Demand Ghana Elections Advertise with Us
Useful Links
Despite Media About Us Contact Us Feedback Form Terms and Conditions Privacy
Our Brands
Despite Media UTV Peace FM Okay FM Hello FM Neat FM Peacefmonline
  • About
  • Advertise
  • Terms & Conditions
  • Contact
  • Privacy

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media

  • Home
  • Local News
  • Politics
  • Showbiz
  • Sports
  • Business
  • Articles
  • Trivia
  • Foreign
  • Live Radio
  • Photos
  • Videos
  • Audio
  • Election 2020

© 2020 Peacefmonline.com - An online portal owned and managed by Despite Media