Transport (which includes fuel) recorded the highest variation of 5.2 percentage points between October 2021 (14.9%) and the preceding 12-month average (9.7%) The national year-on-year inflation rate was 11.0% in October 2021 – 0.4 percentage points higher than the 10.6% recorded in September 2021. This means that in October 2021, the general price level was 11.0% higher than in October 2020 According...
Professor Peter Quartey, an Economist with the University of Ghana, has urged African governments to build robust security systems to safeguard the implementation of digital currency (e-currency) on the continent. He said while e-currency presented many trade advantages, it was important for Central Banks to ensure that platforms used for various transactions were secured. Prof Quartey, the Director of the...
Absa Bank has won the most coveted Bank of the Year honour at the 32nd National Chartered Institute of Marketing (CIMG) National Marketing Awards held in Accra at the weekend. Banks represent the engine of growth and stimulation for any emerging economy, and in Ghana, Absa plays a crucial role in the sustenance and progress of key business sectors. As a systemically...
Ghana’s foreign reserves have improved significantly and are sufficient to cover more than five months of prospective imports, the Bank of Ghana (BoG), has indicated. The country’s foreign reserves as of August 2021, stood at $11.4 billion. Foreign reserves are funds central banks exchange with each other at an international level and the reserves can either be in gold or in...
The Banking Sector Developments Report – September 2021, has revealed that total assets of the banking industry increased by 16.7 percent year-on-year to GH¢166.4 billion as at end-August 2021, although lower than the 23.8 percent growth recorded in the same period of 2020 due to the lingering impact of COVID-19. The asset growth reflected the rebound in economic activity, with...
Executive Director of the Association of Rural Banks, Ghana, Comfort Owusu, has urged shareholders of rural banks to see the regulator’s directive to suspend payment of dividend as a good measure to sustain their investments and keep their banks in business. Executive Director of the Association of Rural Banks, Ghana, Comfort Owusu, has urged shareholders of rural banks to see the regulator’s...
The Monetary Policy Committee (MPC) of the Bank of Ghana is projected to increase the policy rate to 14 percent, in the light of consistent increases in inflation for the past few months, since May 2021 low of 7.5 percent. For a fifth consecutive month, consumer inflation in the month of October 2021 rose to 11 percent; exceeding by one percent, the...
Banks in Ghana are well liquid to withstand shocks, the Banking Sector Developments Report – September 2021, released by the Bank of Ghana (BoG), has revealed. The report said “The banking sector performance improved with strong capital buffers to withstand shocks in AugustThis was underpinned by sustained growth in total assets, deposits, and profits amid the COVID-19 pandemic. The policy...
Ghana’s foreign reserves have improved significantly and are sufficient to cover more than five months of prospective imports, the Bank of Ghana (BoG), has indicated. The country’s foreign reserves as of August 2021, stood at $11.4 billion. Foreign reserves are funds central banks exchange with each other at an international level and the reserves can either be in gold or in...
Governor of the Bank of Ghana, Dr. Ernest Addison has called for a multidimensional integrated solutions approach to tackle the inherent frictions in cross-border payments in Africa. According to the World Economic Forum, payments which have always been the lifeblood of trade will be key for intra-African trade, which covers 55 countries with varying financial and monetary systems, especially with...
