Ghanaians have more faith and confidence in the economy - Bank of Ghana reveals
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Ghanaians have more faith and confidence in the economy - Bank of Ghana reveals

- The Bank of Ghana has revealed that there was a record of increased consumer confidence in Ghana's economy in February 2020

- The Central Bank also recorded an increase in the Business Confidence Index to 101.4 in February 2020, from 96.6 in December 2019

- A number of factors have been attributed to the rise in confidence despite the economic slowdown

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The March 2020 monetary policy report of the Bank of Ghana (BoG) shows that there is an increase in business and consumer confidence in Ghana’s economy.

According to BoG’s Consumer Confidence survey, which was conducted in February 2020, there is a rising level of consumer optimism about the economy.

Consequently, the consumer confidence index increased to 100.7 in February 2020 from 98.8 in December 2019.

READ ALSO: EIU predicts Ghana would soon reduce monetary policy rate again

Per a report by classfmnoline.com, the positive change in consumer confidence can be traced to a number of factors.

They include slower movement in consumer prices, improvement in the current economic situation, current household finances as well as consumer willingness to purchase household durables.

Meanwhile, the Business Confidence Index increased to 101.4 in February 2020, from 96.6 in December 2019.

The BoG reports that the change in business sentiments is as a result of the relative exchange rate stability as the cedi appreciated against the major trading currencies over the period.

The change was also influenced by favourable company prospects, positive industry prospects, and a slower pace in the movement of prices.

YEN.com.gh earlier reported that the April 2020 Banking Sector Report showed that banks in Ghana recorded a 38% profit in the first two months of the year 2020.

It was higher than the 31.5% recorded in the first two months of the preceding year.

The upsurge in profit was recorded despite the outbreak of the coronavirus which has affected economies globally.

READ ALSO: Bank of Ghana suspends declaration of dividends for 2019/2020 financial year

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