The banking sector’s profit before tax was GH¢4.4 billion, representing 21.6 percent annual growth in June 2022, compared to 32.1 percent in the previous year.
Notwithstanding the significant improvement in the trade surplus, the current account deficit widened to US$1.1 billion, compared with US$762.0 million recorded in the same period of 2021.
Sales of the US dollar stood at US$25 million. This translate into a percentage shortfall in supply of about 80 percent.
The Finance Committee and the Central Bank have released different figures purporting to be the current level the country’s reserves as US$3.0 billion and US$7.6 billion respectively.
The local currency has depreciated by about 18.89% to the dollar on the interbank market and 26% on the retail market.
The Monetary Policy Committee, (MPC) will from this week begin to review the health of the economy and also announce a new policy rate for the next couple of months. But there strong indication that the BoG would hike the policy rate further in attempt to anchor inflation.
According to the Central Bank agriculture has broader implications on the economy, including price stability, exchange rate stability and generation export revenues from the sector.
The government spent about ¢10.6 billion to pay interest on loans in the first quarter of this year, with a chunk being used to service domestic debt.
The linkage of Ghana cards to bank accounts is a government initiative to weed out fraudsters from the banking sector.
Ghana’s policy rate of 19% is the second highest in Sub-Saharan Africa after Angola, Fitch Solutions tracking of 20 countries in the region has revealed.