… depreciates against pounds sterling While the cedi continue to respond positively to measures introduced by the central bank to cushion it from sharp depreciation against the dollar, it seems those measures do not apply to its trading with the pound sterling, as the data shows it is losing its strength against the British currency. Using the Bank of Ghana’s interbank...
Inflation for the month of January 2021 has dropped to 9.9%, the Ghana Statistical Service has disclosed. The GSS also said national month-on-month inflation from December 2020 to January 2021 was 0.9%. In its latest Consumer Price Index, the Government Statistician said January 2021 recorded the same year-on-year inflation as was recorded on average in 2020 which is 9.9%. Overall, the month-on-month...
Currency outside banks grew slightly better in the final quarter of last year particularly in the month of November 202, data from the Bank of Ghana has revealed. It meant more notes and coins were in circulation amongst households and businesses during the final quarter of last year to stimulate spending, and consequently economic growth. The increase money supply may...
Consumer and business confidence in the Ghanaian economy continues to soar in spite of the difficult macroeconomic challenges facing the country, the Bank of Ghana (BoG) has said. Governor of the BoG, Dr Ernest Addison who disclosed this in a press statement on the 98th meeting of the Monetary Policy Committee (MPC) of the BoG on Monday to announce a new...
According to Databank Research, the mid-year rate of the local currency to the dollar would however be GH¢6.04. “The Ghana cedi appears well supported for another year of relative stability but not without pressure points. We forecast full year 2021 depreciation range of 3.02 per cent – 6.18 per cent,” it said in its 2021 Economic Outlook Report. Factors that could...
The month of December witnessed the slowest annual growth rate in bank advances seen in all of 2020. That’s according to the latest summary of Macroeconomic and Financial data released by the bank of Ghana. Total amount of loans advanced by banks in the country at the start of 2020, stood at GHS46.5 billion, representing a growth rate of 30.6 percent...
Average lending rate or cost of loans have fallen by 2.59% to 21.10% within the last one year, the Bank of Ghana has revealed in its January 2020 Summary of Financial and Economic Data. But between October 2020 and December 2020, interest charged on loans went down by 0.16%. Though cost of borrowing is still high compared to the nation’s peers...
The positive performance of the Ghana Stock Exchange in the last quarter of 2020 has continued into the first month of 2021, with the local bourse returning to investors a gain of 4.3 % in January 2021. This is the first gain recorded in January since 2018. The years 2018 and 2019 saw the local bourse returning negative 0.5% and...
Data released by the Bank of Ghana at the weekend has confirmed the depth of Ghana’s fiscal troubles – the fiscal deficit for 2021 is a record high, propelled by the effects of COVID 19 on public finances and the economy as a whole, and this has accelerated the growth of the public debt to well beyond the generally...
After five years of dedicated and growth-oriented service to Universal Merchant Bank (UMB), Mr. Benjamin Amenumey has completed his tenure as UMB’s CEO making way for the appointment of Nana Dwemoh Benneh as the bank’s new Chief Executive Officer, following the approval of the Central Bank. In a statement issued by UMB, Mr. Benjamin Amenumey said “working with a team...
