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Midland News

Latest information from Midland

INTEREST RATES JUMPS TO 13-YEAR HIGH

The average lending rate of banks has hit 33 percent as at the end of August this year, the highest since 2003, the latest central bank’s macroeconomic and financial data has shown. This is a significant increase over the 28.2 percent average interest demanded by the banks in January this year. This means…

PRESSURE MOUNTS ON BoG TO CUT RATES

Ghana’s headline inflation is likely to slow further downwards raising prospects of a series of interest rate cuts as the government moves to spur growth. The country’s headline inflation rose to 16.9 per cent in August, having dropped from 19.2 per cent since March, prompting calls for the Bank of Ghana to ease…
The minimum capital requirement for commercial banks in the country could be increased to Gh¢500 million from next year. A technical committee is already working to determine the appropriate capital levels and the actual time that all the Universal banks in the country should recapitalize to this new proposed levels. The announcement could…
Government’s desire to borrow more funds continues to grow as the Ministry of Finance targets Ghanaians in the diaspora to raise bonds from them. In recent times, government’s decision to borrow from the international market has been heavily criticized as piling up the debt stock of the country, affecting interest rates. But speaking…