BoG maintains policy rate at 30%
Dr Ernest Addison — BoG Governor

LIVE UPDATES: Key highlights from BoG's MPC press conference today

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

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

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