In response to the global impact of Coronavirus (COVID-19), the Bank of Ghana’s Monetary Policy Committee (MPC) has taken the following measures:
1. Reduction of the Monetary Policy Rate to 14.5%.
2. Reduction of the Primary Reserve Requirement to 8% to provide more liquidity to banks to support critical sectors of the economy.
3. Reduction of The Capital Conservation Buffer (CCB) for banks to 1.5%. This effectively reduces the Capital Adequacy Requirement to 11.5%.
The Bank of Ghana has also agreed with banks and mobile money operators to implement the following measures effective March 20, 2020, to facilitate more efficient payments and promote digital forms of payment for the next three months. These measures are subject to review:
1. Sending mobile money of up to GHS 100.00 for free to recipients on the same network, or other networks using the interoperability platform.
2. Increases in the daily transaction and money wallet limits, as well as the aggregate monthly transaction limits for mobile money transactions.