The International Monetary Fund (IMF) has advised the Monetary Policy Committee of the Bank of Ghana (BoG) to keep the policy rate tightened as it has done in the last couple of months to prevent the cedi from depreciating. According to the IMF, any further reduction of the current BoG Policy Rate will spell doom …
Month: January 2020
As part of efforts to expedite payments to affected customers of the collapsed microfinance and savings and loans companies, the Receiver, Eric Nana Nipah, has commenced processes to auction some used vehicles and motor bikes owned by the defunct entities. The proceeds of the auction are to add up to the amount available to pay …
The Ghana Interbank Payments and Settlements System (GhIPSS) says it will in March this year roll out the Universal QR (Quick Response) code for Ghana with an aim to accelerate electronic payment transactions. The move follows an initial system that restricts customers to only deal with their banks at a Point of Sale (PoS). According …
The Director-General of the Food and Agriculture Organisation (FAO), QU Dongyu, has said that up to 80 per cent of the world’s population in 20 to 30 years will live in cities, a situation that will make urban areas the driving force for the way food systems must evolve, To that end, he said “We …
The Food and Agriculture Ministry has warned of an invasion of a new crop pest, the Dessert Locust which could cause huge negative impact on the country’s food security. According to the ministry, the pest is more destructive than the Fall Army worm pests which caused huge devastation a few years ago. A very small …
Economist, Prof. Peter Quartey, has shot down the proposal for government to consider the printing of more money to settle claims of depositors of collapsed financial institutions. He believes printing more money will have serious implications on the country’s budget deficit which is the difference between government’s revenue and expenditure. His comments follows Renowned Economist, …
Economist Dr. Ebo Turkson has downplayed fears of higher than normal inflation rates this year, as the country prepares for a major election at the end of 2020. According to him, the Central Bank is well placed to introduce the needed measures to keep inflation within the target band of 8 plus or minus 2 …
The customers of the defunct savings and loans and finance house companies have called on the government to set up a Consolidated Savings and Loans Company or a Consolidated Microfinance Company, through which their locked-up funds should be paid. The group, which is known as Coalition of Affected Savings and Loans Customers (CASLOC), said all …
The International Monetary Fund (IMF) has advised government to set a lower medium-term target for inflation in order for the economy to remain competitive among its peers in sub-Saharan Africa. Government maintained its medium-term inflation target of 8±2 in the 2020 Budget, despite a rebasing of the basket in August 2019 that saw inflation drop …
At least 95% of all government payments to people and 75% of payments by people to the government would be digitised by the end of 2020. This will mean payment transactions by the government would be largely done via electronic means. The move is part of the National Payment Systems Strategic Plan (2019-2024) that provides …