{"id":3650,"date":"2019-09-23T14:23:26","date_gmt":"2019-09-23T14:23:26","guid":{"rendered":"https:\/\/www.africa-press.com\/ghana\/?p=3650"},"modified":"2019-09-23T14:25:19","modified_gmt":"2019-09-23T14:25:19","slug":"rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog","title":{"rendered":"Rising gov’t expenditure,weak revenue generation challenge to economy-BOG"},"content":{"rendered":"

The Bank of Ghana says that rising government expenditure and the weaken revenue generation remains a challenge in stabilizing the country\u2019s economy.<\/strong><\/p>\n

The Governor of the central bank, Dr. Ernest Addison raised these concerns at the last monetary policy press conference last Friday.<\/strong><\/p>\n

According to him this calls for tough measures in<\/strong> order to help stabilize the country\u2019s economy.<\/p>\n

He says this development forced the monetary policy committee to keep the policy rate at 16%.<\/p>\n

\u201cUnder the circumstances where the fiscal situation is still uncertain, it is quite difficult to start lowering the policy rate\u201d.<\/p>\n

The governor was confident that credit growth will pick up and the cost of credit will go down significantly with the current banking sector clean up in the country.<\/p>\n

\u201cIf you look at today\u2019s monetary policy committee the lending rate Is around 23-24% we expect that credit growth will pick up significantly and in a meeting with the banks that is the sense we get.\u201d<\/p>\n

When questioned about the recent forecast by the Economic Intelligence Unit his response was defiant of the doom predicted by the EIU.<\/p>\n

\u201cWe think that we have a relatively strong baft this year our reserves are fairly strong in August and September even before the Cocoa 1.3billion in flows come in\u201d<\/p>\n

With the coming in on new banks the governor says there should not be any cap placed on the number of banks in the country if only you meet the requirement.<\/p>\n

\u201cIt\u2019s an open liberal financial sector and if you meet the entry requirement including the minimum capital requirement of 400 million Ghana cedis we will license you\u201d<\/p>\n

He however disclosed that some work needs to be done on National Investment Bank (NIB) and their recapitalization.<\/p>\n

\u201cThe capital requirements appeared larger than we had originally envisaged so obviously NIB is a bank that we need to do some more work on but remember it is a state bank so the considerations are very different\u201d<\/p>\n

The governor also noted that the imminent arrival of the $1.3billion Cocoa syndicated loan will help push the country\u2019s reserves to about $9billion next quarter.<\/p>\n

He also added the bank will soon issue a directive to the commercial banks on the use of the National Identification card as a means of identification for banking transactions.<\/p>\n","protected":false},"excerpt":{"rendered":"

The Bank of Ghana says that rising government expenditure and the weaken revenue generation remains a challenge in stabilizing the country\u2019s economy. The Governor of the central bank, Dr. Ernest Addison raised these concerns at the last monetary policy press conference last Friday. According to him this calls for tough measures in order to help […]<\/p>\n","protected":false},"author":66,"featured_media":3652,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[1003,2421,2420],"class_list":["post-3650","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-bank-of-ghanabog","tag-challenge-to-economy","tag-weak-revenue-generation"],"yoast_head":"\nRising gov't expenditure,weak revenue generation challenge to economy-BOG - Ghana<\/title>\n<meta name=\"description\" content=\"The Bank of Ghana says that rising government expenditure and the weaken revenue generation remains a challenge in stabilizing the country\u2019s economy.The Governor of the central bank, Dr. Ernest Addison raised these concerns at the last monetary policy press conference last Friday.According to him this calls for tough measures in\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Rising gov't expenditure,weak revenue generation challenge to economy-BOG\" \/>\n<meta property=\"og:description\" content=\"The Bank of Ghana says that rising government expenditure and the weaken revenue generation remains a challenge in stabilizing the country\u2019s economy.The Governor of the central bank, Dr. Ernest Addison raised these concerns at the last monetary policy press conference last Friday.According to him this calls for tough measures in\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2019-09-23T14:23:26+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2019-09-23T14:25:19+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/2019\/09\/9473160121175_3787004888937.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"490\" \/>\n\t<meta property=\"og:image:height\" content=\"324\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"francis\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"francis\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\"},\"author\":{\"name\":\"francis\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/3687592f7713dc6c826cf5bbd0e55bca\"},\"headline\":\"Rising gov’t expenditure,weak revenue generation challenge to economy-BOG\",\"datePublished\":\"2019-09-23T14:23:26+00:00\",\"dateModified\":\"2019-09-23T14:25:19+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\"},\"wordCount\":393,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/2019\/09\/9473160121175_3787004888937.jpg\",\"keywords\":[\"Bank of ghana(BOG)\",\"challenge to economy\",\"weak revenue generation\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/economy\/rising-govt-expenditureweak-revenue-generation-challenge-to-economy-bog\",\"name\":\"Rising gov't expenditure,weak revenue generation challenge to economy-BOG - 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