{"id":752436,"date":"2019-11-26T14:30:07","date_gmt":"2019-11-26T14:30:07","guid":{"rendered":"https:\/\/ghana-mma.com\/2019\/11\/26\/business-confidence-rebounds\/"},"modified":"2019-11-26T14:30:07","modified_gmt":"2019-11-26T14:30:07","slug":"business-confidence-rebounds","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2019\/11\/26\/business-confidence-rebounds\/","title":{"rendered":"Business Confidence Rebounds &#8211;"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr. Ernest Addison<\/strong><\/p>\n<p>CONFIDENCE IN the business sector has rebounded<br \/>\nmainly due to favourable company and industry prospects, positive growth outlook<br \/>\nand declining lending rates; results from the Bank of Ghana\u2019s (BoG) latest<br \/>\nconfidence surveys have noted.<\/p>\n<p>The survey, conducted in October 2019, also<br \/>\nsaid \u201cconsumer sentiments, on the other hand, remained broadly unchanged from<br \/>\nthe previous survey.\u201d <\/p>\n<p>Dr Ernest Addison, governor of BoG, who<br \/>\ndisclosed this yesterday at a press conference in Accra, said on the domestic<br \/>\nfront, growth momentum continued to remain strong and had been sustained since<br \/>\nlast year. <\/p>\n<p>\u201cThe Bank\u2019s updated Composite Index of Economic<br \/>\nActivity (CIEA) continues to show a steady pick-up in economic activity. The<br \/>\nCIEA recorded an annual growth of 4.4 per cent in September 2019, compared with<br \/>\n5.8 per cent in the corresponding period of 2018. The key drivers of economic<br \/>\nactivity during the period were port activity, domestic consumption, tourist<br \/>\narrivals and DMB\u2019s credit to the private sector.\u201d <\/p>\n<p>He continued that \u201cGrowth in broad money (M2+)<br \/>\nremained strong during the year. In year-on-year terms, growth in M2+ was 16.3<br \/>\nper cent in October 2019. Reserve money also expanded in the review period.<br \/>\nGrowth in reserve money went up by 26.1 per cent, compared with 4.3 per cent<br \/>\nover the same comparative period.\u201d <\/p>\n<p><strong>Credit To<br \/>\nPrivate Sector<\/strong><\/p>\n<p>The BoG governor also said commercial banks\u2019<br \/>\ncredit to the private sector had also continued to improve while annual growth<br \/>\nin private sector credit was 14.0 per cent in October 2019, compared with 11.4<br \/>\nper cent for the same period of 2018. <\/p>\n<p>\u201cIn real terms, private sector credit expanded<br \/>\nby 5.9 per cent compared with 1.7 per cent over the same comparative period.<br \/>\nThe latest credit conditions survey conducted by the bank in October 2019,<br \/>\npointed to an ease in the credit stance on loans to households.\u201d<\/p>\n<p>However, he said credit stance on loans to<br \/>\nenterprises tightened, reflecting continuous efforts by the commercial banks to<br \/>\nsafeguard the quality of their loan portfolio through improved due diligence<br \/>\nand credit risk management. <\/p>\n<p>\u201cThe three readings of inflation since the<br \/>\nrelease of the rebased Consumer Price Index by the Ghana Statistical Service<br \/>\nshow that inflation has remained below its central path of 8.0 per cent.<br \/>\nHeadline inflation declined from 7.8 per cent in August 2019, to 7.6 per cent<br \/>\nin September, and has since inched up to 7.7 per cent in October on the back of<br \/>\nthe recent upward adjustment in administrative prices of electricity and water.\u201d<\/p>\n<p><strong>BoG Maintains<br \/>\nPolicy Rate <\/strong><\/p>\n<p>He said the BoG had once more maintained its policy<br \/>\nrate at 16 per cent.<\/p>\n<p>The decision was based on the bank\u2019s monetary<br \/>\npolicy committee\u2019s assessment that risks to inflation outlook were broadly<br \/>\nbalanced. <\/p>\n<p> <strong>BY Melvin Tarlue <\/strong><\/p>\n<\/p><\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr. Ernest Addison CONFIDENCE IN the business sector has rebounded mainly due to favourable company and industry prospects, positive growth outlook and declining lending rates; results from the Bank of Ghana\u2019s (BoG) latest confidence surveys have noted. The survey, conducted in October 2019, also said \u201cconsumer sentiments, on the other hand, remained broadly unchanged from [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":703342,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[6],"tags":[],"class_list":["post-752436","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Business Confidence Rebounds - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2019\/11\/26\/business-confidence-rebounds\/\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:title\" content=\"Business Confidence Rebounds - Ghanamma.com\" \/>\n<meta name=\"twitter:description\" content=\"Dr. Ernest Addison CONFIDENCE IN the business sector has rebounded mainly due to favourable company and industry prospects, positive growth outlook and declining lending rates; results from the Bank of Ghana\u2019s (BoG) latest confidence surveys have noted. 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