This week in business, the Governor of the Central Bank, Dr Ernest Addison stated that the Monetary Policy Committee (MPC) of the Bank of Ghana has kept the policy rate unchanged at 29.5 percent.
The governor also revealed that as of May 19, 2023, after the first tranche of the $3 billion International Monetary Fund loan hit the Bank of Ghana’s account, Ghana’s gross international reserves have increased to $5.7 billion.
This is indicative of 2.6 months of import cover.
Former president John Dramani Mahama criticized the government over the banking sector clean-up exercise. He said the crisis in the financial sector at the time required an amount of GH¢4 billion to address it whereas the government spent a whooping GH¢25 billion to undertake the clean-up exercise which it believes saved depositors funds.
A group of 29 CSOs on Extractive Governance are calling for the immediate dismissal of the GNPC Board Chairman, Freddie Blay, and Chief Executive Officer of the Corporation, Opoku Ahweneeh Danquah.
In more news, President Nana Addo Dankwa Akufo-Addo has disclosed that Ghana will return to the international capital market to borrow in order to fund infrastructural projects.
However, the Managing Director of the International Monetary Fund, Kristalina Georgieva, has stated that there should be no rush to do away with the American greenback just yet as many countries are aiming at pursuing de-dollarisation.
