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May 2015

Money Market Activities - 18 - 22 - May - 2015
 
Interbank Market Activity from 18th May - 22nd May 2015
Weighted Av. Rate % Rates Range
23.63% 23.55-24.00%

 

PROGRESS MADE IN FISCAL MANAGEMENT

Introduction

  1. Ghana has witnessed significant economic growth over the past decade with real GDP growth rising steadily from 3.7 percent in 2000 to 11.5 percent in 2011 before decelerating to 4.0 percent in 2014 mainly on account of energy challenges.
  2. Due to a combination of unfavourable global factors and domestic challenges, the economy has come under severe stress since 2012, leading to double digits fiscal and external current account deficits.
GHANA’S PROGRAMME WITH THE INTERNATIONAL MONETARY FUND (IMF)

Introduction

  1. On Friday, 3rd April, 2015, the Executive Board of the International Monetary Fund (IMF) approved a 3-year Extended Credit Facility (ECF) Programme for Ghana.
  2. A total amount of SDR664.20 million (US$918 million) will be given to Ghana as balance of payments support over the 3-year period. The total amount will be disbursed in eight (8) equal tranches. The first disbursement was made immediately after the Executive Board approval of the programme.
  3. The remaining seven (7) disbursements will be made after the observance of the performance criteria and completion of reviews under the Programme.
Money Market Activities - 11 - May - 2015
 
Interbank Market Activity from 11th May - 15th May 2015
Weighted Av. Rate % Rates Range
23.53% 23.49-23.80%

 

Interest Rates - Monday 18-May-15
Interest Rates, 18th May 2015
Period Interest Rates
91-Day T/Bill 25.12%
182-Day T/Bill 25.81%
1-Year Note 22.50%
2-Year Fixed Rate Bond 23.00%
3-Year Fixed Rate Bond 23.23%
Ghana to scientifically determine unemployment rate

The Ministry of Employment and Labour Relations would soon roll out a Labour Market Information System to facilitate scientific studies into labour market issues, including the determination of unemployment rate in Ghana.

The move is coming off as a result of the Capacity Development Mechanism (CDM) being implemented by the government to help improve service delivery in public institutions.

 

2ND NATIONAL FORUM ON SSPP ISSUES COMMUNIQUE

Partners have agreed to commence determination of the National Daily Minimum Wage and Public sector wage negotiation for 2016 on June.23 and conclude by September this year, a 41-point communiqué issued at the end of the 2nd National Forum on the implementation of the Single Spine Pay Policy (SSPP) at Takoradi.

President Tasks PSC to crack then whip

President John Dramani Mahama last Friday tasked the Public Services Commission (PSC) and other relevant stakeholders to step up supervision in the public sector, to maximize production and performance.

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