Dr. Ernest Addison<\/strong><\/p>\n\u00a0<\/p>\n
Government has paid about GH\u00a2200 million to institutional investors in the last two weeks.<\/p>\n
It has also paid all individuals who opted out of the Domestic Debt Exchange Programme (DDEP) exercise while it has also started paying institutional holders who did not participate in the DDEP.<\/p>\n
On various due dates, the government has paid all cash coupons and Payment-in-Kind (PIK) coupons on the DDEP Bonds.<\/p>\n
Governor of the Central Bank, Dr. Ernest Addison, who made these known, said the economic headwinds that weighed on the recovery process were gradually easing, and has provided a conducive environment.<\/p>\n
He was speaking at the launch of the Commercial Market Paper in Accra recently.<\/p>\n
\u201cSo far, the market has been calm, backed by some recent debt servicing by the government\u2026.Economic activities are picking up. The Bank\u2019s high-frequency real sector indicators point to a continued pickup in economic activity in 2024. The Bank\u2019s latest confidence surveys reflected sustained improvements in business sentiments. Headline inflation has remained broadly stable since December 2023.<\/p>\n
Fiscal performance points to some consolidation, as the 2023 targets were broadly met. The exchange rate has been generally stable until recent weeks when some headwinds have been observed in segments of the market, but this is given much attention as the Bank has built-up enough reserves to tackle the pressure on the market,\u201d he noted.<\/p>\n
Indicating that the banking sector\u2019s performance had also rebounded after the DDEP, he said that notwithstanding, credit to the private sector by banks had remained weak.<\/p>\n
It was in response to this and to anchor inflation expectations that the Bank of Ghana introduced the dynamic Cash Reserve Ratio (CRR), which is dependent on bank\u2019s loan-to-deposit ratio.<\/p>\n
\u201cThis strategy by the bank is to create incentive for the banks to undertake effective intermediation of their resources in support of the economy, while at the same time mopping up excess liquidity in the system to support the disinflation process. The introduction of the Commercial Paper Market is, therefore, a step in the right direction to augment the efforts of the Bank of Ghana towards addressing the financing gap within the private sector,\u201d he stressed.<\/p>\n
He continued that the Bank of Ghana stood ready to collaborate on policy and operational matters needed to drive innovation in the commercial paper market space.<\/p>\n
\u201cAdditionally, we remain steadfast in our commitment to enforcing regulations to uphold the integrity of our banking system,\u201d he said.<\/p>\n
Commenting further, Dr. Addison said the recent sanctions imposed on certain banks for violating foreign exchange (FX) laws underscored the importance of vigilance and dedication from all participants in the financial sector.<\/p>\n
\u201cWithout a collective commitment to a rule-based operating financial environment, we risk undermining the trust and credibility essential for a world-class financial system. Therefore, I urge the Ghana Stock Exchange to strictly enforce the regulations pertaining to commercial paper issuance,\u201d he said.<\/p>\n
\u201cWith this launch, Pillar 1 of the CMMP, which is to improve the diversity of investment products and liquidity of the securities market has been achieved and I am optimistic that this will lay the foundation for achieving the remaining three pillars of the 10-year strategic Capital Market Master Plan,\u201d he said.<\/p>\n
He, furthermore, noted that with the introduction of the Commercial Paper market in Ghana, the plan to diversify the investment space and investor base was now fully on course.<\/p>\n
\u201cMy understanding is that, in line with pillar four (4) of the CMMP, the Securities and Exchange Commission has also approved the Commercial Paper Issuance and Admission Rules to help regulate the Commercial Paper Market.<\/p>\n
This is good progress, which should spur the achievement of the overall objectives of the 10-year strategic plan,\u201d he said.<\/p>\n
\u201cTherefore, the launch of a formal Commercial Paper Market has come at the opportune time to create new investment opportunities for institutional investors, such as pension funds, insurance companies, and asset management firms. This will also instill market confidence in the product and give protection to investors,\u201d he added.<\/p>\n
By Samuel Boadi<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr. Ernest Addison \u00a0 Government has paid about GH\u00a2200 million to institutional investors in the last two weeks. It has also paid all individuals who opted out of the Domestic Debt Exchange Programme (DDEP) exercise while it has also started paying institutional holders who did not participate in the DDEP. On various due dates, the […]<\/p>\n","protected":false},"author":1,"featured_media":93658,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-181866","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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