The Bank of Ghana has reset the cash reserve ratio on the domestic currency deposits for banks from 12 per cent to 14 per cent effective April 13, 2023.
Governor of the Bank of Ghana, Dr Ernest Addison at a news conference said the move is to mop up excess liquidity from the market to tune inflation.
He said banks are also expected to publish their 2022 audited financial statement by the close of April 2023 following one month granted by the Bank of Ghana on the account of the Domestic Debt Exchange Program, DDEP.
“The Committee also decided to reset the cash reserve ratio on domestic currency deposits for banks from 12 per cent to 14 per cent, effective 13th April 2023. The Committee will continue to monitor developments in the banking sector and deploy other macro-prudential tools to ensure financial stability,” Dr Addison explained.
Nonetheless, the head of the central bank noted that the action had become necessary to preserve stability in the financial sector in his remarks following the 111th Monetary Policy Committee (MPC) meeting.
