Ghana: Press focuses on additional measures introduced by BoG to tame inflation, others

The introduction of additional measures by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) to mop up excess capital from the market to control inflation is one of the leading stories in the Ghanaian press on Monday.
The Ghanaian Times reports that the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has introduced additional monetary policy measures to mop up excess capital from the market to control inflation.
Inflation continue to decline and currently at 35.2 per cent after peaking at 54.2 per cent in last year December.
The new measures which are to take effect on November, 30, 2023 are the unification of the currency holding for the Cash Reserve Ratio requirement on foreign currency denominated deposits and domestic currency deposits for banks and the new unified Cash Reserve Ratio for total deposits (cedi and foreign currency) – are to be held in Cedis.
“This measure is to reinforce the Bank’s liquidity management operations to address excess structural liquidity conditions in the market and provide additional impetus to the disinflation process,” Dr Addison, the Governor of the BoG disclosed this during a news conference at the 115th regular meeting of the MPC in Accra on Monday.
He explained that the Cash Reserve Ratio requirement on foreign currency denominated deposits and domestic currency deposits of banks were being reset to 15 per cent.
Dr Addison said the Committee would continue to monitor developments in the banking sector and deploy other policy tools, as and when required, to support stability.
The Governor explained that the new directive would further help to bring inflation down and withdraw excess liquidity from the market.
Dr Addison disclosed that all the 23 universal banks had submitted re-capitalisation plans to the BoG, saying the Banking Supervision Department and the MPC had reviewed the plans and were credible.
“We are quite hopeful that within the next two years most of the banks would have capitalized and be able to meet the capital adequacy threshold without reliefs,” adding that “Right now they are meeting those capital threshold with regulatory reliefs.”
The newspaper says that the Customs Division of the Ghana Revenue Authority (GRA) has launched an ac¬tion plan to tackle inefficiencies in the import-export processes at Ghana’s ports and land borders.
Among other things, the action plan include the introduction of an integrated performance man¬agement system and digital tools for customs processes, reduction of human interventions, building capacity of officers, increasing the numerical strength of verification officers and enhancing collabora¬tion with all stakeholders.
The action plan, based on the recommendations in Ghana’s first ever, Time Release Study (TRS) conducted with support from USAID FeedtheFuture Ghana Trade and Investment Activity will be implemented by December this year.
The study, which is in line with the World Customs Organisation’s Time-Released Measurement directive, found delays in customs processes, laborious human inter¬ventions and some logistic issues as the cause for the long clearance of goods at the four main entry and exit points namely, Tema Port, the Kotoka International Airport, the Afloa and Paga border.
Launching the action plan in Ac¬cra on Friday, Rev. Dr Amishaddai Owusu-Amoah, in a speech read on his behalf reiterated the impor¬tance of seamless global trade in fostering economic growth.
The action plan, he stated, would lead to a reduction in transaction costs, foster both domestic and international investment and boost the country’s international compet¬itiveness.
He said the study was to identify bottlenecks, support import-export promotion and measure the actual time for clearance of goods at the port and Ghana’s borders.
“For instance at the Tema Port after close monitoring of 713 transactions it was found that on average it takes 10 days 21 hours and 17 minutes for a discharged cargo to exit the port when the target was 17 hours,” he noted.
The Graphic reports that the Electoral Commission (EC) will receive nominations of candidates for this year’s presidential and parliamentary elections from September 9 to 13 in a major countdown to the climax of the political season.
This will be followed by the balloting for positions on the presidential ballot paper on September 23, 2024, and the parliamentary balloting on September 24, 2024.
Furthermore, the EC expects to declare the results of the 2024 presidential polls within three days of the voting exercise, if everything goes according to plan.
In its programme of activities for the 2024 general election, obtained exclusively by the Daily Graphic, the EC will conduct a voters’ registration exercise from May 7 to May 27, 2024, and proceed with a nationwide exercise to replace missing voter ID cards from May 30, 2024.
The registration exercise will, however, be preceded by 56 days of public education on the exercise from April 1 to May 26, 2024.
Per the schedule, available to the Daily Graphic, the EC intends to submit the provisional voters’ register to the political parties between July 9 and 18, 2024, and mount an exhibition of the voters register between July 15 and 24, 2024.
The final voters register is expected to be submitted to the political parties between August 30 and September 5, 2024.
In between the datelines, the EC — per the schedule — will hold meetings with stakeholders outside the political parties frame, and also engage the public through its “Let the Citizen Know” series.
The newspaper says that the International Monetary Fund (IMF) has stated its vigilance regarding recent developments in Ghana after the country’s lawmakers approved a bill proposing up to three years of imprisonment for individuals identifying as LGBTQ.
In a statement issued from its headquarters in Washington, the IMF underscored its commitment to values of diversity and inclusion, stating that such principles are embraced within the institution.
The lender said its internal policies against discrimination based on personal characteristics, including gender, gender expression, or sexual orientation, stressing that diverse and inclusive economies tend to thrive.
“Diversity and inclusion are values that the IMF embraces,” the Washington-based lender said in a statement copied to Bloomberg. “Our internal policies prohibit discrimination based on personal characteristics, including but not limited to gender, gender expression, or sexual orientation. Like institutions, diverse and inclusive economies flourish.”
The legislation, passed by Ghana’s lawmakers on Wednesday with support from both the ruling party and the opposition, not only criminalizes the identification as LGBTQ but also targets the financing of LGBTQ groups and sanctions discrimination against them. President Nana Akufo-Addo, who is expected to step down after the upcoming elections on December 7, must endorse the bill for it to become law.
Acknowledging the importance of the situation, the IMF noted its close observation of events in Ghana, refraining from commenting on the bill until it is signed into law and its economic and financial implications are thoroughly assessed.
Ghana’s financial stability is closely linked to IMF assistance, particularly as the nation navigates its debt default and restructuring process, relying on the fund for crucial access to foreign exchange.
Earlier this year, on January 19, the IMF agreed to release a second tranche of $600 million to Ghana as part of the country’s three-year emergency program. Additionally, the World Bank has allocated $900 million in development-policy financing to aid Ghana’s economic recovery efforts.
GIK/APA