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    Bank of Ghana Holds Key Rate, Announces Bond Purchase

    Posted On 25 May 2020
    By : New Africa Business News, Staff Correspondent
    Comments: 8

    By Richard Adorsu-

    Governor of the Bank of Ghana, Addison
    Photo Credit: Central Banking

    NEW AFRICA BUSINESS NEWS (NABN) Accra- Ghana’s Central Bank leave its key interest rate unchanged at 14.5% on Friday and said it had concluded a $1 billion repo facility with the U.S. Federal Reserve to improve the country’s foreign exchange liquidity.

    The bank said it expected Ghana’s economy to grow despite the new coronavirus, with preliminary estimates showing economic growth in 2020 was likely to be 2% to 2.5%.

    Forecasts had been for gross domestic product to grow 6.8% in 2020. Ghana’s budget deficit widened in the first quarter compared with 2019, to 3.4% of GDP compared with a target of 1.04%, mostly due to a shortfall in revenues, Ernest Addison, Governor of the Bank of Ghana, said at the news conference.

    Addison now expected a downturn in economic growth, while the COVID-19 pandemic had put additional strain on the budget.

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    The shortfall in oil and other tax revenues due to plunging crude prices had left the country with a large financing gap, he said. Current market conditions in the wake of the pandemic would not allow the financing of the gap from the domestic capital markets without significantly increasing interest rates.

    The bank had triggered an emergency financing provision allowing it to increase purchases of government securities,  and it had purchased 5.5 billion cedis ($958 million) of the government’s COVID-19 relief bond. He said the bank stood ready to continue the assets purchase programme of up to 10 billion cedis.

    To further boost foreign exchange liquidity, the Bank of Ghana has concluded a $1 billion repurchase agreement, with U.S. Federal Reserve under its repo facility for foreign and international monetary authorities.

    ($1 = 5.7400 Ghanaian cedi 05/25/ 2020)

     

     

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    For New Africa Business News Richard Adorsu Reports,  Africa Correspondent

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    About the Author
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    8 Comments

    1. Abraham May 25, 2020 at 12:54 am Reply

      Thank you all. I love new Africa business news. Keep us inform. Abraham Indonesia Jakarta

      • New Africa Business News, Staff Correspondent May 25, 2020 at 12:55 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    2. Jones May 25, 2020 at 1:01 am Reply

      Adorsu I like your reports about Ghana and other part of Africa. Thank you new Africa. Kumasi, GHANA. Jones.

      • New Africa Business News, Staff Correspondent May 25, 2020 at 1:06 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    3. Linda May 25, 2020 at 1:04 am Reply

      New Africa business news is my favorite global newspaper many thanks.
      Linda, Lagos, Nigeria.

      • New Africa Business News, Staff Correspondent May 25, 2020 at 1:52 am Reply

        Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

    4. harona May 25, 2020 at 1:59 am Reply

      Why is it very high interest rate to borrow money in Ghana? Thank you for all your reports. Thank you new Africa business news. CONAKRY. Harona

      • New Africa Business News, Staff Correspondent May 25, 2020 at 2:06 am Reply

        Thank you, Harona is a great question. Cost of borrowing money in most developing Countries, including Ghana are very high, due to the risk involve, with other factors. Will check with the government of Ghana and get back to you with specifics. Thanks for reading, Africa’s fastest growing online newspaper. Please forward http://www.newafricabusinessnews.com

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