Ghana s 2020 external finances sets stage for cedi stability – Ghana Visions ghanavisions.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from ghanavisions.com Daily Mail and Mail on Sunday newspapers.
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On the back of many difficulties and despair, the NPP was given the reins of government in 2016 by the good people of Ghana.
With a strong leadership, the Nana Addo Dankwa Akufo-Addo led government set out to fix the country and through pragmatic programs and policies were able to
1. Inflation has been reduced from 15.4% in 2016 to 10.4% at the end of 2020
2. Reduced average lending rates from 32% in 2016 to 21% in 2020.
3. The average exchange rate depreciation over the last four years (7.3%) is the lowest for any first-term government since 1992. The year 2020 recorded the lowest rate of depreciation in the last 28 years.
Ghana’s Gross International Reserves is expected to rise by 11.1% this year to an average of US$8.8 billion, about 4.5 months of import cover, Fitch Solutions, research arm of ratings agency, Fitch, has said in its April 2021 Africa Monitor Report.
The increase in the reserves is as a result of robust global growth which has triggered demand for Ghana’s export commodities including oil, gold and cocoa.
This is expected to preserve the stability of the cedi at around GH¢5.80 pesewas to the dollar in the first few months of this year.
“The BoG maintains adequate foreign reserves to continue its managed float policy in the coming quarters. We expect gross reserves to rise by 11.1% in 2021 to an average of US$8.8bn (or 4.5 months of import cover, compared to an estimated 4.2% in 2020) as robust global growth bolsters demand for Ghana’s export commodities such as oil, gold and cocoa.”
Govt poised for more devt - Bawumia graphic.com.gh - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from graphic.com.gh Daily Mail and Mail on Sunday newspapers.
Monthly Economic Highlights – November 2020
02/17/2021 | 05:11am EDT
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Message : Acronyms: CPI bn Notes: 1. Since May of 1976, the Belize dollar has been fixed to the US dollar at the rate of US$1.00 = BZ$2.00. revised. charts. ii Central Bank of Belize Table of Contents Table A.2: Net Foreign Assets of the Banking System 18 Table A.3: Net Domestic Credit 19 Table A.4: Sectoral Composition of Domestic Banks Loans and Advances 20 Table A.5: Sectoral Composition of Credit Unions Loans and Advances 21 Table A.6: Domestic Banks Liquidity Position and Cash Reserves 22 Table A.7: Domestic Banks Weighted Average Interest Rates 22 Table A.8: Domestic Banks (Rolling) Weighted Average Interest Rates 23 on New Loans and Deposits