Ghana

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Return to homepage  |  Last updated: 20 May, 2020

The Central Bank of Ghana has taken measures to mitigate the negative impact of the outbreak, including cutting interest rates and reserve requirements, and decreasing banks’ conservation buffers. 

• Workers have been asked to work from home whenever possible.

Monetary policy

• Cut of key interest rate to 8-year low from 16% to 14.5%;
• Lowering reserve requirements for lenders from 10% to 8% in order to provide liquidity support to critical sectors;
• Decrease in the banks’ conservation buffer from 3% to 1.5%, which cuts the capital-adequacy ratio from 13% to 11.5%.
• Asked the IMF for a rapid disbursement of a credit facility to help the country face the negative economic impact caused by the Covid-19 outbreak.
• The Bank of Ghana has decided to decrease the cost of fund transfers through mobile money, in order to avoid a low in transactions. Besides, no mobile money transactions below GH100 (USD18) will be charged by service suppliers for the next three months.

Customs Measures

• No specific changes have been announced yet in respect of custom duties.

Tax: Emmanuel Asiedu – easiedu@kpmg.com
Restructuring: Daniel Adoteye – dadoteye@kpmg.com