Bank Assets Reach GH¢42.9bn

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Dr. Henry Kofi Wampah, Governor, Bank of Ghana

Dr. Henry Kofi Wampah, Governor, Bank of Ghana

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‘In real terms, the annual growth in credit to the private sector was 28.2 percent at end of May 2014 against 18.4 percent a year earlier. The rapid expansion in credit allocation by banks was funded largely from increased deposits,’ he said.

 
Interest Rates
Dr. Wampah said interest rates on the money market generally moved upwards in tandem with the Bank’s tight monetary policy stance.

He said between December 2013 and May 2014, the 91-day Treasury bill rate moved from 19.2 percent to 24.1 percent; the 182-day Treasury bill rate rose from 18.7 percent to 21.3 percent, and the 1-year note went up from 17 percent to 22.5 percent

Dr. Wampah said the 2-year note increased from 16.8 percent to 23 percent and the 3-year bond increased from 19.2 percent to 25.5 percent.

This, he said, has however gone down to 24.4 percent in June, stating that the 5-year bond increased from 19 percent to 23 percent.

Dr. Wampah said the average lending rates of banks rose to 27.9 percent in May 2014 from 25.6 percent in December 2013.

The average rate on 3-month term deposits remained unchanged at 12.5 percent.

By Cephas Larbi
[email protected]
 
 
 

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