The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept its 14.5 per cent policy rate at which it lends to commercial banks.
This is about the fourth time since March this year that the central bank has kept its key lending rate unchanged.
Speaking at a news conference Monday, the Governor, Dr Ernest Addison noted there is still some risk on the fiscal front as the effects of Covid-19 hits hence the need to hold the rate at bay.
Asked about the country's rising debt stock, which has hit ¢273. 8 billion, he noted that it had to do with Covid-19 related expenditure and banking sector clean up.
On the depreciating cedi, the Governor said the central bank is looking at adding about $300 million to its international reserves by the end of the year.
This should put it in a strong position to deal with the expected pressure in the first quarter of 2021, he added.
Latest Stories
-
Will Ghana’s democracy stand the test of time in the 2024 elections?
1 hour -
Hindsight: Dreams fairytale run proved one thing; it is possible
2 hours -
God makes rulers, not you; you can’t choose your successor – Mahama to Akufo-Addo
3 hours -
Contributors own SSNIT, they must decide who becomes its Director-General – Austin Gamey
4 hours -
Move away from theory-based learning towards practical learning approaches – AUCC President to students
4 hours -
Haaland scores as Manchester City beat Nottingham Forest
5 hours -
Villas-Boas elected Porto president
5 hours -
Situation on frontline has worsened, Ukraine army chief says
6 hours -
US doctor describes witnessing starvation in northern Gaza
6 hours -
CAFCC: RS Berkane make final after USM Alger refused to play 2nd leg over Moroccans’ jersey
6 hours -
Elon Musk in China to discuss enabling full self driving
6 hours -
PSG clinch Ligue 1 title after Lyon’s win over Monaco
8 hours -
Guinness Ghana sets the pace at Ghana Beverage Awards with six awards
8 hours -
Burkina Faso suspends BBC, VOA radio broadcasts over killings coverage
8 hours -
Nicole Kidman honoured with AFI Life Achievement Award
9 hours