Latest News

Finance & InvestmentThu, 16 Jun, 22

Current global shocks calls for Central Banks in Africa to coordinate monetary policy measures - Addison

Current global shocks calls for Central Banks in Africa to coordinate monetary policy measures - Addison

Dr. Ernest Addison, Governor of the Bank of Ghana (BoG) has pointed out the need for Central Banks in Sub-Saharan Africa to coordinate monetary policy measures to focus on helping stabilize prices on the African continent.

He said, the effect of recent geopolitical tensions and the COVID19 pandemic on developing countries underscore the need for increased harmonization of monetary policy tools to combat global shock.

Speaking at the Financial Stability Board Meeting of the Regional Consultative Group for Sub Saharan Africa in Accra.

Dr Addison observed that the inflation rates across countries in sub-Saharan Africa stress the need for African countries to work together in other to curb price levels between countries.

He emphasized that such a move will enhance trade among African countries, reducing Africa’s dependency on imports outside the continent.

He said, “The war in Ukraine has triggered a costly humanitarian and economic crisis. Global spill overs from the conflict is contributing adversely to sustaining the recent recovery in global growth. It has already aggravated inflationary pressures especially for fuel and food, and this elevated inflation will complicate the tradeoffs that central banks face,”

The (BoG) head was of the view that the lack of collaboration in fighting food inflation will derail individual gains made by countries on the continent.

Dr. Addison went on to advocate for a collective approach to fighting food inflation since African countries are interdependent on food supply.

Governor of the South African Reserve Bank Lesetja Kganyago also at the ceremony stressed that African countries must immediately work together to bring inflation down on the continent.

“Now in Africa, three things are the most important thing to central banks. Number one is inflation, number two is inflation, and number three is inflation. Our business is to stabilize prices to improve the living conditions of Africans,” he said.

Welcome, Today is Sat, 25 Jun, 2022

Latest Publication

 The Market

  • Bank

  • Rate

  • Tenure

  • Ecobank

  • 23%

  • Fidelity Bank

  • 22%

  • First National Bank

  • 23%

  • Republic Bank

  • 22%

  • 10yrs

  • Stanbic Bank

  • 20.30%

  • Cement

  • Weight

  • Price

  • Cimaf

  • 50kg

  • GHS 47.00

  • Dangote

  • 50kg

  • GHS 50.00

  • Diamond

  • 50kg

  • GHS 48.00

  • Ghacem

  • 50kg

  • GHS 50.00

  • Pozzolana

  • 50kg

  • GHS 47.00

  • Safe

  • 50kg

  • GHS 47.00

  • Supacem

  • 50kg

  • GHS 47.00

  • Currency

  • Buying

  • Selling

  • GHS - EUR

  • 7.7430

  • 8.2360

  • GHS - GBP

  • 9.1678

  • 9.7446

  • GHS - NGN

  • 70.4182

  • 70.4370

  • GHS - USD

  • 7.0500

  • 7.4500

  • GHS - ZAR

  • 0.4608

  • 0.5068

  • Current

  • Year Ago

  • GDP Growth Rate

  • 4.64%

  • 0.88%

  • Ghana Reference Rate

  • 14.50%

  • 15.50%

  • Inflation

  • 8.97%

  • 9.87%

  • Policy Rate

  • 13.50%

  • 14.50%

  • T-Bill (182 days)

  • 12.4316%

  • 13.2555%

  • T-Bill (364 days)

  • 13.8773%

  • 16.1134%

  • T-Bill (91 days)

  • 12.6100%

  • 12.4701%

Videos

Opinion

Partners

Feedback Form

We would like to hear from you.
Top