\n
Governor of the Bank of Ghana (BoG) has re-affirmed president Akufo Addo comments that the International Monetary Fund (IMF)\u00a0program would end next year.\u00a0<\/p>\n
The President at a news conference on six months in office noted that the IMF program would end in April 2018 and would not be extended \u201cthere is no question about the IMF program being extended beyond April 2018, and we want to complete it and move on\u201d.<\/p>\n
The Finance Ministry later in a statement maintains that the president\u2019s comments did not mean that Ghana was pulling out of the IMF program.\u00a0<\/p>\n
<\/p>\n
Responding to JOYBUSINESS\u2019 question during a press conference by Monetary Policy Committee (MPC), the governor said, \u201cthe president said we would end the program in April 2018 and I think it\u2019s clear to everybody.\u201d<\/p>\n
\u201cThe finance minister has also noted that the 2018 budget would be set under IMF program so effectively that budget that would be carried forward to 2018 would be implemented,\u201d he added.<\/p>\n
Monetary Targets set under the IMF program.<\/b><\/p>\n
Dr Addison said the monetary targets that have been set under the program should be seen as the country\u2019s own targets aimed at stabilizing the monetary space rather than something that is being pushed on them by the IMF.<\/p>\n
\u201cThese are targets that we would have put in place with or without an IMF program,\u201d he said.<\/p>\n
Delays by banks in responding to policy rate cuts.<\/b><\/p>\n
The governor noted that the challenge has come about because a lot of commercial banks had initially locked their funds into long term facilities at a higher cost.<\/p>\n
“They need to wait for these funds to mature for the necessary re-pricing or reduction in the average cost before they can really respond to interest rate reduction,” he said.\u00a0<\/p>\n
He explained that\u00a0until the average cost of funds goes down, it would be difficult to witness that quick transition mechanism.<\/p>\n
Dr Addison was however optimistic that the consistent reduction in the policy rate would influence the average cost of funds of funds for necessary adjustment to be done.<\/p>\n
Getting tough with the banks\u00a0<\/b><\/p>\n
The governor promised that going forward the\u00a0Central Bank would indeed be tough on\u00a0commercial banks to ensure that the\u00a0industry is sound.<\/p>\n
He said BoG want to avoid situations where they overtake by events and prevent them to recognizing some non-performing loans in the industry.<\/p>\n
\u201cGoing forward we hope standards would be maintained and if we do that\u00a0I don\u2019t think that we would be in a situation where we are suddenly confronted with numbers that we didn\u2019t\u00a0know we were sitting on,\u201d he noted.<\/p>\n<\/div>\n
\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\t\u0642\u0627\u0644\u0628 \u0648\u0631\u062f\u067e\u0631\u0633<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"Governor of the Bank of Ghana (BoG) has re-affirmed president Akufo Addo comments that the International Monetary Fund (IMF)\u00a0program would end next year.\u00a0 The President at a news conference on six months in office noted that the IMF program would end in April 2018 and would not be extended \u201cthere is no question about the […]<\/p>\n","protected":false},"author":0,"featured_media":406620,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-406619","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"\n
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