BoG announces new measures to provide economic relief to households and businesses – Information Minister discloses
Bank of Ghana
The Information Minister Hon. Kojo Oppong Nkrumah has disclosed in his Facebook page on Monday, 18th May, 2020 that, the Bank of Ghana has recently announced for the implementation of some new policies at the banking sector to help provide economic ease to households and business both at the private and public sectors including a special package to increase credit to key institutions of the economy.
“Bank of Ghana has announced the following measures to provide economic relief to households and businesses and to increase credit to key sectors of the economy” He disclosed.
In providing details of the policies, he noted that, “the Bank of Ghana has activated Section 46A of the Bank of Ghana Act 2002 (Act 612) as Amendment in providing liquidity support to savings and loans and finance house companies facing temporary liquidity challenges.”
Hon. Kojo Oppong Nkrumah also revealed that, the Bank of Ghana has introduced a new system to “strengthen the capacity of ARB Apex Bank to provide liquidity support for rural and community banks facing temporary liquidity challenges in line agreed framework. Microfinance companies who meet eligibility criteria agreed will also qualify for this support from ARB Apex Bank”
The information Minister of the Republic of Ghana also added that, the Bank of Ghana as part of its special packages has taken the decision to “extend the deadline for SDIs (MFIs and RCBs) to meet new capital requirements to December 2021”
Finally, he categorically stated that, the Bank of Ghana has also made the a constitutional decision to “reduce the 8 percent primary reserve ratio for savings and loans companies, finance house companies, and rural and community banks to 6 percent, and the 10 percent primary reserve ratio for micro finance companies to 8 percent.”
