Thursday , July 7 2022

Ghana's central bank maintains its policy rate at 17 percent


A man has cedi in Ghana in Accra, in the file. REUTERS / Luc Gnago

ACCRA (Reuters) – Ghana's central bank changed the benchmark interest rate on Monday to tighten western economies' economies over global economic pressures by governor Ernest Addison on Monday.

The decision, the third one this year, helps to stabilize the local currency, which has been under marginal pressure in recent weeks.

"The final assessment stressed that the general pressure, the continuing rise in global pressure on commerce, the steady rise in global inflation, the U.S higher interest rates and the U.S dollar increase," added Addison.

Exporting Ghana, Cocoa, Gold, and Oil, the International Monetary Fund ends with USD1808 million in the last day of the year to reduce the tax deficit, reduce debt and reduce inflation by 8 percent, or at least 2 percent at the end of the year.

Local profits had a fall from 7.8% in January to January, above the projected bank's final year under 5%, and public debt of $ 35.8 million or 57.2 million gross domestic product at 31.6 million or 54.3 percent.

Most of the commercial banks operating in Addison did not complete the new central bank's minimum capital requirement of 400 million euros before the start of 2019.

Kwasi Kpodo report; Editors by Toby Chopra and Alison Williams

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