The Bank of Ghana (BoG) has maintained the Monetary Police Rate at 14.5%, YEN.com.gh has learned. The decision follows a March 2020 meeting where the rate was reduced from 16% to 14.5% Information available shows that some commercial banks, impressed with the decision, called for a further reduction in order to ease access to credit The Monetary Policy Committee of the Central Bank has kept its policy rate unchanged at 14.5 percent following a sudden rise in inflation, the Governor of the Bank of Ghana (BoG), Dr Ernest Addison.. According to estimates of the World Bank, economic growth in Sub-Saharan Africa (SSA) is expected to decline from its 2019 value of 2.4% to between -2.1% and -5.1 % in 2020, making 2020 the worst year since records began in 1970 for the continent's economic growth, (according to IMF's Regional Economic Outlook for Africa, Covid-19: An Unprecedented Threat to Development, April 2020)
Year Variables Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec; 1971: Monetary Policy Rate(%) 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00: 8.00. September 28, 2020 At its 22-25 September meeting, the Monetary Policy Committee of the Bank of Ghana voted to maintain the policy rate unchanged at 14.50%, marking the third consecutive hold and the lowest rate since May 2012. The Committee announced its decision on 28 September The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will today, Septemeber 28, 2020 announce its decision on the monetary policy rate. This comes after the Committee held a three-day deliberation to initiate proposals for the formulation of the monetary policies of the central bank At its 17-19 March meeting, the Monetary Policy Committee of the Bank of Ghana decided to keep the policy rate steady at 14.50%, marking the sixth consecutive hold . Hom
The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 14.5 per cent, citing improved outlook to growth and inflation. Addressing a press conference in Accra, Dr Ernest Addison, the Governor of the Central Bank, said the drivers of economic growth were returning to normal with prospects for a good recovery Monetary policy response to the coronavirus crisis between March and September 2020 included a major cut to the policy rate on March 18 2020, from 16.0 to 14.5%, to signal risks in the economic outlook arising from the likely negative impact of the pandemic on exports, imports, taxes and foreign exchange receipts (Bank of Ghana, 2020a)
18 March 2020 5:24pm Governor, Bank of Ghana Dr Ernest Addison The Monetary Policy Committee of the Bank of Ghana (BoG) has lowered the policy rate by 150 basis points from 16 percent to 14.5.. Ghana: Central Bank stands pat for fifth consecutive meeting in January February 1, 2021 At its 26-29 January meeting, the Monetary Policy Committee of the Bank of Ghana decided to keep the policy rate steady at 14.50%, marking the fifth consecutive hold However, the rate on the 10-year bond increased to 19.8 percent from 17.5 percent at the beginning of the year. 8. Average lending rates of banks have moved in line with the Monetary Policy Rate. Lending rates have moved within a range of 22.0 percent and 24.0 percent in the first nine months of the year. The Ghana Reference Rate, which serves. The Monetary Policy Committee of the Bank of Ghana (BoG) has reduced the monetary policy rate by 150 points to 14.5%. This is part of the BoG's effort to stimulate the economy and protect the. The Monetary Policy Committee (MPC) of the Bank of Ghana has kept the policy rate unchanged at 14.5 percent for the fifth consecutive session, citing medium-term risks from fiscal expansion and.
Bank of Ghana has for the second time this year has maintained its monetary policy rate at 14.5%. The announcement comes after BoG held a three day (from September 22, 2020, to September 25, 2020) meeting to evaluate Ghana's economy and the necessary steps for the formulation of monetary policies Importantly, the decision by the America's Federal Reserve Bank not to raise its key Federal Funds Rate - currently 1.6 percent - means monetary easing in Ghana should not lead to an exit. Ghana's central bank on Monday announced it will maintain its benchmark policy rate at the one-year-old level of 14.5 percent despite some rising inflationary pressures. This is the sixth straight time the central bank maintained the rate after reducing it to this level in March 2020. FILE PHOTO: A street in Accra, Ghana's capital city In May, the Central Bank kept its policy rate unchanged at 14.5% following a sudden rise in inflation. This follows an earlier March 2020 meeting which saw a 150-basis-point reduction in the monetary policy rate to 14.5%, with some commercial banks impressed upon to further slash on lending rates to ease access to credit
The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent, citing the need for macroeconomic stability amid the disruption caused by the coronavirus pandemic. So far, new advances for the first half of 2020 was estimated at GH¢15.8 billion compared to GH¢12.1 billion during the same period of last year The weighted average interbank rate declined to 13.6 percent from 15.9 percent, in line with the cut in the monetary policy rate in March 2020, and improved liquidity conditions due to the COVID regulatory relief measures This is the sixth time the MPC will be maintaining the prime rate since its reduction by 150 basis points in March last year. Announcing the policy rate at the 98th MPC press briefing on Monday, February 1, 2021, Governor of the Bank of Ghana, Dr Ernest Addison noted that given the balance of risks to inflation and growth, the Committee decided to keep the policy rate at 14.5 percent The Monetary Policy Committee (MPC) of the Bank of Ghana reduced the Monetary Policy Rate (MPR) by 150 basis points to 14.50 percent in March 2020 As a result of significant shortfalls in revenues and COVID related increases in expenditure, the fiscal deficit (on cash basis and without financial sector and energy sector costs) is expected to be 11.4% of GDP for 2020 (up from the original 2020 Budget target of GH¢18.9 billion (4.7% of GDP))
Following the 5.3 percentage point increase in the inflation rate (from 12.8 percent in 2007 to 18.1 percent in 2008), the Ghana Shared Growth and Development Agenda (GSGDA) aimed to tighten both monetary and fiscal policies in order to sustain single-digit inflation (8.6 percent) rate achieved in 2010 Gold prices have been largely supported by accommodative monetary policy, increased uncertainty, and the global economic slowdown due to COVID-19, he said. Cocoa prices averaged US$2,423.5 per tonne in October 2020, marginally down by 3.8 percent on a year-to-date basis due to a pandemic-linked drop in global demand Bank of Ghana has taken proactive steps to maintain stability in the market. Among others, the BoG reduced monetary policy rate from 16% to 14.5%, the lowest in more than 7 years. These measures, according to BoG, are to enable banks and SDI's provide more liquidity and ﬁnancial support t The Bank of Ghana's Monetary Policy Committee has started its 95 th regular meeting to decide on the benchmark Monetary Policy Rate for the next two months. The meeting will end on Friday and the results of their deliberations will be revealed on Monday Monetary policy. Cut of key interest rate to 8-year low from 16% to 14.5%; Lowering reserve requirements for lenders from 10% to 8% in order to provide liquidity support to critical sectors; Decrease in the banks' conservation buffer from 3% to 1.5%, which cuts the capital-adequacy ratio from 13% to 11.5%
e) The BoG purchased a Government of Ghana COVID-19 Relief Bond with a face value of GH¢5.5 billion at the Monetary Policy Rate with a 10-year tenor and a moratorium of two (2) years (principal. The retention of the monetary policy rate at 14.5 per cent by the Bank of Ghana and the warning by the Information Minister that the government will not hesitate to enforce new restrictions in view of recent spikes in COVID-19 cases across Europe are some of the leading stories in the Ghanaian press on Tuesday.The Times reports that the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG. Business News of Friday, 15 May 2020 Source: thebusiness24online.net 2020-05-15 Governor of the Bank of Ghana, Dr. Ernest Addison Click to read all about coronavirus → The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) is today expected to announce its next monetary and financial policy actions to combat the economic fallout of [ Monetary Policy Committee keeps policy rate unchanged at 14.5 percent July 28, 2020 July 28, 2020 The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 14.5 percent, citing the need for macroeconomic stability amid the disruption caused by the coronavirus pandemic
Interest rates have generally trended downward in line with the cut in the monetary policy rate in March 2020. Performance of the Ghana Stock Exchange (GSE) has remained bearish, mirroring the general economic uncertainty The Monetary Policy Committee of the Bank of Ghana has held the policy rate, as already anticipated, citing the recent upsurge in inflation as reason. Inflation shot up to 10.6 percent in April from 7.8 percent recorded in the previous three months due to panic-buying and the mad rush for food ahead of the lockdown announcement on March 27 The Bank of Ghana (BoG) has maintained the monetary policy rate at 14.5 percent. The policy rate is the rate at which the Central Bank lends money to commercial banks. Addressing the 95th Monetary Policy Committee press conference on Monday, July 27, 2020, Governor of the Central Bank, Dr Ernest Addison say However, in March this year, the Monetary Policy Committee (MPC) of the Bank of Ghana, reduced the policy rate to 14.5% after it was kept unchanged at 16 percent for at least five consecutive times. The rate was maintained in May, July, September and November 2020, following the impact of COVID-19 on the economy The latest inflation reading for February 2020 is estimated at 7.8 percent, unchanged from January 2020. The forecast for inflation is expected to remain within the target band for the next quarter. Under these circumstances, the Bank of Ghana's MPC has decided to lower the Monetary Policy Rate by 150 basis points to 14.5 percent, it stated
This paper seeks to examine the role of monetary policy as an instrument for growth in the Ghanaian economy. The study was conducted based on yearly data from 1983 to 2017 The average inflation rate has also continued its downward trend from 27.9 percent in 1997 to 19.3 percent in 1998 and 12.4 percent in 1999, in response to a marked tightening of fiscal and monetary policy. The primary domestic surplus was, on average, 2.7 percent of GDP in the three-year period 1997-99 Annual headline inflation slightly declined from 4.6 percent in August 2020 to 4.5 percent in September 2020, while core inflation rose from 5.9 percent to 6.2 percent during the same period, according to the latest government data For Ghana's central bank, the coronavirus pandemic exacerbated an old monetary policy dilemma of having to choose between reining in price moves and boosting economic growth Monetary policy rate maintained at 14.5% for the second time - BOG 29/09/2020 Access to finance in Ghana improves as banks' lending rates drop- Bank of Ghana Repor
Why the Monetary Policy Rate should not be raised Abongobi Media September 23, 2020 Business Leave a comment 60 Views The Bank of Ghana's Monetary Policy Committee has started its 95th regular meeting to decide on the benchmark Monetary Policy Rate for the next two months The International Monetary Fund (IMF) has revised Ghana's growth rate for 2020 at 5.6 percent Question: A) On The 18th March 2020, The Monetary Policy Committee (MPC) Of The Bank Of Ghana Took The Following Measures To Deal With The Impact Of The Covid 19 Pandemic On Ghana's Economy. 1. The MPC Reduced The Monetary Policy Rate (MPR) From 16% To 14.50%. 2. The MPC Reduced The Primary Reserve Requirement Of Banks From 10% To 8% March 17, 2020, 12:00 AM EDT Since their monetary policy committees last met, South Africa declared a national state of disaster, Ghana set aside the local-currency equivalent of $100 million.
The Monetary Policy Committee (MPC) of the Central Bank of Nigeria (CBN) has voted to retain the monetary policy rate at 11.5 percent. The announcement was made on Tuesday by the CBN governor, Godwin Emefiele at the end of a two-day meeting at the CBN headquarters The Monetary Policy Committee is the organ of the Central Bank of Kenya responsible for formulating monetary policy. The Committee was formed vide Gazette Notice 3771 on April 30, 2008, replacing the hitherto Monetary Policy Advisory Committee (MPAC) Membership. The membership of the MPC is as follows: The Governor, who is the chairman Monetary Policy Report - August 2020 (PDF 6.2MB) Monetary Policy Report chart slides and data - August 2020 (ZIP 7.2MB) Financial Stability Report - August 2020 (PDF 12.5MB) Financial Stability Report chart slides and data - August 2020 (ZIP 7MB) FPC core indicators (PDF 0.6MB) Financial Stability Report technical annex - August 2020 (PDF 0.8MB
The Central Bank of Nigeria unexpectedly slashed its monetary policy rate by 100 bps to 11.5% during its September 2020 meeting, bringing borrowing costs to the lowest since 2016. This was the second rate cut this year and came even as inflation has been above target since 2015, to continue supporting the economy that plunged 6.1% in the Q2 hit. The IMF publishes a range of time series data on IMF lending, exchange rates and other economic and financial indicators. Manuals, guides, and other material on statistical practices at the IMF, in member countries, and of the statistical community at large are also available Monetary policy mea- sures include reducing the policy rate from 16% to 14.5%, removing charges on mobile money transactions below GH¢100 for three months to end-June, lowering the reserve requirement ratio from 10% to 8% and cutting the conservation buffer for banks from 3% to 1.5%
The legal backing for monetary policy by the Bank derives from the various statutes of the bank such as the CBN Act of 1958 as amended in CBN Decree No. 24 of 1991, CBN Decree Amendments 1993,No. 3 of 1997,No. 4 of 1997,No. 37 of 1998,No. 38 of 1998,1999 and CBN Act of 2007. Section 12 Sub-sections (1) to (5), CBN Act of 2007 (Ammended of the exchange rate puzzle for Ghana. The paper adopts an Autoregressive Distributed Lag (ARDL) and Bounds testing technique to determine the short and long-run dynamics of the relationship between the exchange rate, the inflation, and monetary policy rate in Ghana, using annual time series data ranging from 1970 to 2017 The Monetary Policy Committee of the Bank of Ghana (BoG) has maintained the policy rate at 14.5 percent, citing the upside risks to inflation and growth of the economy. The policy rate has been maintained at 14.5 percent since March 2020, when the country recorded the first positive case coronavirus The monetary policy committee held the rate at 14.5%, the central bank said Monday in an emailed statement. That matched the forecast of all five economists in a Bloomberg survey
The monetary policy committee held the rate at 14.5%, the central bank said Monday in an emailed statement. That matched the forecast of all five economists in a Bloomberg survey. Inflation in the West Africa nation has been above the central bank's target range of 6% to 10% for most of the past year as food prices surged due to supply. Ghana's total public debt stock has risen to 74.4 percent of Gross Domestic Product (GDP) representing GH¢286.9 billion at the end of November 2020. The Bank of Ghana (BoG) made this known on February 1, 2021, comparing the amount with 62.4 percent of GDP (GH¢218.2 billion) at the end of December 2019 Africa from -4.3% in 2019 to -7.0% of GDP in 2020. Given limited use of fiscal expansion, monetary policy is an important policy lever to address the economic fallout. Lower Africa's monetary policy responses Central banks in sub-Saharan Africa are increasingly focused on supporting growth in a countercyclica Gambia | Policy Rate (May 28, 2020) Central Bank: 14.50 % (- 1.50) Ghana | Monetary Policy Rate (Mar 18, 2020) Central Bank: 9.50 % (+ 1.00) Georgia | Refinancing Rate (Apr 28, 2021) Central Bank: 0.86 % (- 0.64) Hong Kong | Base Rate (Mar 16, 2020) Central Bank: 0.50 % (- 0.25) Jamaica | Policy Rate (Aug 27, 2019) Central Ban Ghana's central bank has slashed its benchmark policy rate by 150 basis points (150 bps) to 14.5 percent, from the previous 16 percent, as it announced a raft of measures to contain the economic impact of the COVID-19 pandemic. In its Monetary Policy Committee press release, the Bank of Ghana sa
Ghana central bank holds key rate at 14.5%. The bank said that although inflation had been on a steady decline in the early months of the fourth quarter of 2020, it rose to 10.4 percent. Monetary Policy Committee of the Bank of Ghana (BoG) in November last year kept the policy rate unchanged at 16 percent. Speaking to the media, the Governor of the Bank of Ghana, Dr. Ernest Addison said the decision was a result of some threats to the country's economic growth and inflation outlook The Monetary Policy Committee of the Bank of Ghana (BoG), has maintained the policy rate at 14.5 per cent. This was after the bank's latest forecast pointed to elevated risks to the inflation. The study revealed that in the long run, monetary policy rates are negatively correlated with crude oil prices, when crude oil prices increase by 1%, the monetary policy rates fall by 0.22%; monetary policy rates are positively correlated with cocoa prices but to a little extent, when cocoa prices increase by 100%, the monetary policy rates.
uncertainty shock on the economy and monetary policy response. This analysis shows important conclusions. The uncertainty effect of COVID-19 hits unprecedented aggregate demand and the economy. In addition, it undermines monetary policy action to soften this fall in aggregate demand and curb inflation impacted by the exchange rate effect Ghana central bank holds key rate at 14.5%. T he bank said that although inflation had been on a steady decline in the early months of the fourth quarter of 2020, (Monetary Policy. central bank of Nigeria in setting monetary policy rate. However, the model being only loca lly adapted and the lack of American Journal of Artificial Intelligence 2020; 4(2): 62-72 7 Importantly, data on monetary policy rate which reflects monetary policy stance predate the start of explicit inflation targeting in Ghana. Indeed, the Bank of Ghana had been practicing implicit inflation targeting since 2002, and so, the monetary policy rate has been available as a policy tool even before the explicit targeting framework
The monetary policy committee of the Bank of Ghana voted to leave interest rates unchanged today (November 23) following signs the economy was recovering faster than expected. In a statement, governor Ernest Addison noted that annual growth, after contracting in the first half of the year, had rebounded to 10.5% in September, compared with 4.2%. The Monetary Policy Committee(MPC) of the Bank of Ghana(BoG) has maintained the policy rate at 14.5 percent. The Governor of the Bank of Ghana, Dr. Ernest Addison made the announcement at a press conference in Accra. According to him, the macroeconomic conditions have generally improved relative to conditions at the time of the last MPC [
The Monetary Policy Committee (MPC) of the Bank of Ghana has, once again, kept the policy rate at 14.5 percent, citing risk to inflation and fiscal disruptions emanating from COVID-19 related expenditure as reasons, making it the sixth consecutive time the MPC has kept the policy rate constant in the space of one-year Alhaji Salamu Amadu has commended the governor of Bank of Ghana, BOG, Dr. Ernest Addison for the bold step he took to help stabilise the Ghana's financial sector. This appraisal and submission which was lifted from his Facebook wall and made available to OpenLife by Dickson Boadi, a Ghanaian media expert, was th He says the Monetary Policy Committee of the Bank of Ghana (BoG) took the decision to keep the policy unchanged. Addison observed that this was because of some risk to the inflation outlook. It would be recalled that in March 2020, BoG reduced the policy rate by 150 basis points from 16 per cent to 14.5 per cent