Business Finder – Policy rate: Banks anticipate drop …By a further 100 basis points.
As new Governor of Ghana’s Central Bank, Dr Ernest Addison chairs his first Monetary Policy Committee (MPC) meeting tomorrow, most banks are expecting a further decline in the Bank’s benchmark interest rate, now at 23.5 per cent.
The committee will be reviewing developments in the Ghanaian economy and later announce its decision on the appropriate positioning of the Bank’s policy rate.
Financial intermediaries have already repositioned their businesses to do more lending due to the sharp drop in Treasury Bill rates.
They are now easing their credit stance despite the relative high non-performing loans asset ratio. As inflation eases, a further drop in the rate is set to spur lending and economic activity.
Power sector: Govt addressing challenges
Government is committee towards addressing the inherent challenges in the country’s power sector, Deputy Minister for Energy, Dr Mohammed Amin Adam has said.
We are aware that we need to be self-sufficient in generation so we are addressing all the challenges that plague our power sector so that we don’t only generate but are also able to carry what has been generated to the consumer at affordable cost he stated.
Dr Adam was worried that Ghana was operating at the margin without any reserves and if there is any disturbances we are going to have shortfalls.
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