Audio By Carbonatix
Policy interventions by the Bank of Ghana including the Monetary Policy have been described as key in stabilising prices and keeping interest rates relatively low despite the impact of covid -19 on the economy.
According to Senior Partner at KPMG, Anthony Sarpong, economic growth generally after a pandemic slows down, but the policy interventions by the Central Bank in stimulating demand and supply in the economy has played a key role in supporting growth.
He told Joy Business that the Central Bank has done well in supporting the economy in this time of difficulty
“If I take it from the monetary point of view from the Bank of Ghana, you will notice that they [BoG] have fairly manage the exchange rate well.”
“For a long time, the Ghana cedi has stabilised and even in its [BoG] last report appreciated against the dollar and of course a little marginally against the British Pound", he mentioned.
"That means that as an economy that depends on import substitution, the stability of the prices will remain fairly stable and that helps our traders and businessmen", he added.
The Monetary Policy Committee of the Bank of Ghana has been meeting since Wednesday 21th July 2021 to review developments in the Ghanaian economy.
The MPC is likely to keep its key lending rate same at 13.50% as the economy recovers from Covid-19. The Committee had cut down the base lending rate by 1% in the last meeting in May 2021.
The reduction in the Central Bank’s key lending rate was targeted at stimulating economic activity through lending.
Since the reduction in the policy rate, lending rates have trickled down albeit slightly.
Latest Stories
-
Catholic Bishops pressure gov’t to sign long-delayed mission schools agreement
47 minutes -
Cedi under fresh pressure as Christmas import demand drives dollar surge
1 hour -
Ato Forson eyes first-week November for 2027 Budget, promises jobs and major infrastructure push
1 hour -
Catholic Bishops demand probe into ‘protocol’ admissions amid SHS placement challenges
1 hour -
SHS placement: Catholic Bishops demand probe into alleged payments for school places
2 hours -
Facts about Nigeria’s Dangote oil refinery Initial Public Offering
2 hours -
Trump says AI safety fears a ‘hoax’ as he rejects calls for greater safeguards
2 hours -
Oil climbs as Saudi pipeline outage, fresh attacks heighten supply concerns
2 hours -
Donald Trump Jr and Bettina Trump say Putin ally paid for some wedding festivities as a ‘gift’
2 hours -
Farouk Aliu Mahama supports medical student with GH¢10,000 donation
3 hours -
EU is set to propose ban on social media and AI chatbots for under-15s
3 hours -
No SHS space shortage – GES says 800,000 places available for just over 600,000 students
3 hours -
Emmys 2026: The winners and nominees in full
3 hours -
African banks’ foreign subsidiary contributions increasing; Access Bank records fastest cross-border growth
3 hours -
Food prices in Ghana remain largely stable – AGRA report
3 hours