The Bank of Ghana (BoG) has announced the increase in transaction limits for mobile money users in the country.
This was contained in the latest release of BOG Monetary Policy Committee Statement For March 2020.
The Bank of Ghana also announced that there will be no charges on all mobile money transfers of GH¢100 and below for the next three month starting from Friday 20th March, 2020.
On the negative impact of COVID-19 on the economy, the statement said the impact on exports, imports, taxes, and foreign exchange receipts will culminate in a slowdown in
economic activity.
It said GDP growth has been forecasted to decline to 5.0 percent in a baseline
scenario, but in the worst case scenario, GDP growth estimates could be halved to
about 2.5 percent in 2020.
The Statement said Under these circumstances, the Bank of Ghana’s MPC has decided to lower the Monetary Policy Rate by 150 basis points to 14.5 percent.
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