The Ghana Association of Bankers has announced a cut in its benchmark interest rate by 200 basis points. The 200 basis points reduction in interest rate translates to a 2 percent reduction on bank loans. The move, according to the association, is to help mitigate the economic impact of COVID-19 on businesses and individuals. The …
Month: April 2020
The World Bank is providing $100 million to Ghana to assist the country in tackling the COVID-19 pandemic. This $100 million will be made available to the government and the people of Ghana as short, medium and long-term support. This financing package includes $35 million in emergency support to help the country provide improved response …
Government has set a target of expanding electricity access rate to a minimum of 90 percent of the population by the end of 2020 as it seeks parliamentary approval for a loan of $100 million to connect 526 communities to the national grid. Currently, six out of the 16 regions have access rates above the …
The cedi ended the first quarter of 2020 with an appreciation of about 1.77% in value to the US dollar. The performance of the cedi was attributed largely to the Bank of Ghana’s Forward Forex Auction and the COVID-19 pandemic that has resulted in low imports within quarter one of this year. However, the local …