Thursday, May 29, 2025
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
  • Home
  • News
    • Politics
    • Local
    • Education
    • Agriculture
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Business
  • Sports
  • Tech
  • Opinion
No Result
View All Result
NewsCenta
No Result
View All Result

BoG Holds Policy Rate at 29%

admin by admin
May 28, 2024
in Business
0
Share on FacebookShare on Twitter

You might also like

Cedi strengthens sharply against major currencies

10 key products that suffer whenever Ghana cedi depreciates

May 29, 2025
Cedi will depreciate by December if… — IEA warns

Cedi will depreciate by December if… — IEA warns

May 28, 2025

The Bank of Ghana (BoG) has maintained its Monetary Policy Rate at 29%, citing a slightly elevated inflation profile due to recent exchange rate pressures and adjustments in transportation fares.
However, the Bank’s projections indicate that inflation will remain within the monetary policy consultation clause of 13 to 17% by the end of the year.
Dr. Ernest Addison, Governor of the Central Bank, made the announcement during a press briefing following the Bank’s 118th Monetary Policy Committee meeting in Accra on Monday, May 27.
The decision to maintain the policy rate was reached after the Committee deliberated and assessed global and domestic macroeconomic developments for the first four months of the year and the balance of risks to the outlook.
Dr. Addison noted that the interbank weighted average rate remained within the policy corridor, increasing to 28.68% in April 2024 from 25.89% in April 2023.
In contrast, the average lending rates of banks declined marginally to 31.25% in April 2024 from 31.66% in the corresponding period of 2023.
“These forecasts are contingent on sustaining the tight monetary policy stance, including aggressive liquidity management operations,” the Central Bank Governor said.
Speaking about developments in the banking sector, he said indicators pointed to a recovery from the impact of the Domestic Debt Exchange Programme (DDEP).
Total assets increased by 28.8% to GH₵306.8 billion at the end of April 2024, driven by domestic currency deposits and other funding sources. Banks also reported higher profits for the first four months of 2024, relative to the same period in 2023.
Regarding gross international reserves, the Governor stated that the country’s position remained strong, with a $6.59 billion stock of reserves representing three months of import cover, compared with $5.91 billion or 2.7 months of import cover at the end of December 2023.
Nonetheless, on the country’s fiscal policy, he noted that expenditures outpaced revenue growth in the first quarter, reflecting the frontloading of Independent Power Producer (IPP) arrears payments.
“Maintaining strict fiscal discipline for the rest of the year will be crucial to strengthen confidence in the economy,” Dr. Addison said.

Post Views: 20
Tags: BoGNewscentapolicyRate
admin

admin

Related Stories

Cedi strengthens sharply against major currencies

10 key products that suffer whenever Ghana cedi depreciates

by admin
May 29, 2025
0

The depreciation of the Ghana cedi, like any currency, can have far-reaching implications on various sectors of the economy. When the...

Cedi will depreciate by December if… — IEA warns

Cedi will depreciate by December if… — IEA warns

by admin
May 28, 2025
0

The Institute of Economic Affairs (IEA) has issued a strong warning that the Ghana Cedi may depreciate again by December...

5 key tips before taking a bank loan for your business

5 key tips before taking a bank loan for your business

by admin
May 28, 2025
0

Taking a bank loan for your business can be a smart way to fund growth, manage cash flow, or invest...

Ecobank CEO Jeremy Awori backs Ghana’s growth agenda

Ecobank CEO Jeremy Awori backs Ghana’s growth agenda

by admin
May 28, 2025
0

Jeremy Awori, Chief Executive Officer of the Ecobank Group, the leading pan-African banking group, paid a working visit to Ecobank...

Recommended

Nearly 100,000 trained health workers jobless

Nearly 100,000 trained health workers jobless

May 29, 2025
Nurses

Nurses and midwives declare strike but gov’t cries foul

May 29, 2025
Tears and heartbreak over tragic story of South African girl sold by her mother

Tears and heartbreak over tragic story of South African girl sold by her mother

May 29, 2025

Popular Story

  • Newspapers, Headlines, Newscenta, Monday, May 26,

    Monday, May 26, 2025 Newspaper Headlines

    644 shares
    Share 258 Tweet 161
  • Wednesday, May 28, 2025 newspaper headlines

    614 shares
    Share 246 Tweet 154
  • Tuesday, May 27, 2025 Newspaper Headlines

    613 shares
    Share 245 Tweet 153
  • Former NIB Director sues Head of Surveillance for GH₵10m

    613 shares
    Share 245 Tweet 153
  • Sickle Cell pioneer Prof Felix Konotey-Ahulu passes on

    613 shares
    Share 245 Tweet 153
NewsCenta

Newscenta is a Ghana-based news organisation publishing in print (The Newscenta Newspaper) and on a digital media platform (newscenta.com) dedicated to delivering timely and impactful news across various sectors, including politics, business, economy, technology, and culture.

  • About NewsCenta
  • Contact Us
  • Privacy Policy
  • Terms of Use

© 2025 All Rights Reserved NewsCenta.

Welcome Back!

Login to your account below

Forgotten Password?

Retrieve your password

Please enter your username or email address to reset your password.

Log In

Add New Playlist

No Result
View All Result
  • Home
  • News
    • Politics
    • Local
    • World
  • Entertainment
    • Celebrities
    • Music
  • Lifestyle
  • Newspaper Headlines
  • Business
  • Agriculture
  • Education
  • Sports
  • Tech
  • Opinion

© 2025 All Rights Reserved NewsCenta.