The Monetary Policy Committee of the Bank of Ghana (BoG) has maintained the policy rate at 30 per cent.
Key BoG MPC 114 press conference highlights
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BoG projects growth at three per cent, double the International Monetary Fund (IMF) projection of 1.5 per cent.
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BoG purchase USD1.5 billion under domestic gold purchase under the Gold for Oil (G4O) programme.
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We do not need positive equity to be effective - BoG Governor.
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Banks are holding about 12 per cent liquidity with BoG.
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We do not have to print money to support the banks.
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We are focused on delivering inflation target - BoG Governor.
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External debt in cedi terms have increase but there is improvement in external debt standstill.
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Not paying debts is a major relief to the economy.
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IMF members are in town for meetings.
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IMF program is good for the economy.
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Stable economy, inflation is closing down, stable currency will help rebuild confidence.
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We are confidence of the program results.
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We will come out of the IMF strong.
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We expect the second tranche before the end of the year.
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On External Debt Servicing : Discussions are still on-going.
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We do not expect the discussions to be successful.
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Our Debt service will be significantly low.
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Resumption of non-performing loan (NPLs) - we are not surprised to see the banks recoding NPLs; because of the economic challenges, however we expect NPLs to stabilise
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On Treasury Bills- Inflation is going down. As we continue to make progress, interest rates will fall.
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Government this week is holding discussions with IMF Team, there will be technical sessions.
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By the end of mission, we will have consensus view of the growth targets.
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We have enough buffers to manage the exchange rates.
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FINTECHS: we are looking at reigning them in items of charges.
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Ghana Stability Fund- by end of the month and early month all structures will be place.
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BoG laws are clear on reporting lines with regards to reporting not Parliament
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Ministry of Finance reports to Parliament directly.