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In Ghana, Collecting Tax Starts With Distributing Addresses

ACCRA (Capital Markets in Africa) – In a country where most households and businesses either don’t know their address or claim not to have one, Ghana’s government is starting afresh to compile a database that will not only make it easier to locate people, but also boost the collection of taxes. Ghana is planning to identify and register every household and business, and give them an address, President Nana Akufo-Addo said in an emailed statement on Wednesday. While…

Ghana Preparing $1.4 Billion Bond Sale to Clear Energy Debt

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ACCRA (Capital Markets in Africa) – Ghana will hold roadshows in the U.S. and London next week to sell 6 billion cedis ($1.4 billion) in local-currency debt to clear arrears owed to banks by state-owned electricity and petroleum utilities, according to Finance Minister Ken Ofori-Atta. The sale is the first tranche of a plan to sell as much as 10 billion cedis in bonds through a special-purpose vehicle and backed by a tax on the sale of…

Ghana Bank Holds Key Rate at 2015 Low as Inflation Quickens

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ACCRA (Capital Markets in Africa) – Ghana’s central bank kept its key lending rate at the lowest since 2015 after inflation accelerated for the first time in four months. The Bank of Ghana left the rate at 21 percent, Governor Ernest Addison told reporters Monday in the capital, Accra. Two of seven economists in a Bloomberg survey predicted the hold, while the rest forecast cuts ranging from 50 to 100 basis points. The central bank of West Africa’s biggest…

Ghana Is Said to Triple Minimum Capital Requirements for Banks

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ACCRA (Capital Markets in Africa) – The Bank of Ghana more than trebled minimum capital requirements for lenders as part of reforms aimed at strengthening the industry, according to people familiar with the matter. Banks will need to set aside at least 400 million cedis ($91 million) in capital compared with 120 million cedis previously to meet their license obligations, the people said, asking not to be identified because an official announcement hasn’t yet been made. Lenders…

Kenya’s Central Bank Holds rate at 10.0 percent, Likely to Sell Dollars

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NAIROBI (Capital Markets In Africa) – At its Monetary Policy Committee meeting this month, Kenya’s central bank held its rate at 10.0 percent. Its Monetary Policy Committee will next meet to set lending rates on Sept.18. While the currencies of Kenya, Nigeria and Tanzania are expected to hold steady, traders said Uganda’s shilling and Zambia’s kwacha are forecast to weaken against the dollar in the next week to Thursday, while Ghana’s cedi will firm. KENYA…

Ghana Cuts Key Rate to Lowest Since 2015 as Inflation Slows

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ACCRA (Capital Markets in Africa)- Ghana’s central bank reduced its key interest rate for a third straight meeting as consumer prices rose at the slowest rate in four years and the currency strengthened. The Bank of Ghana cut the rate to 21 percent from 22.5 percent, Governor Ernest Addison told reporters Monday in Accra, the capital. That’s the lowest rate since early 2015. The median of nine economists’ estimates was for a cut to 21.5 percent. Bank surveys on…

Why Ghana Central Bank May Cut Key Interest Rate

Posted on by The Editorial Team

ACCRA (Capital Markets in Africa) – Ghana’s central bank may cut its key interest rate for a third straight meeting with inflation at its slowest in four years and a strengthening currency. Consumer-price growth has tumbled 7.1 percentage points since reaching an all-time high of 19.2 percent in March last year. While the cedi weakened to a record low against the dollar on March 2, it has strengthened 8.2 percent since then. The median of seven economists’ estimates…

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