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Monetary Policy Graph


Monetary And Exchange Rate Management In Ghana

International Commercial Bank’s primary objectives (or mission) is “to pursue sound monetary and financial policies aimed at price stability so as to create an enabling macroeconomic environment for the promotion of sustainable economic growth”.

Various instruments have been used to achieve this Price Stability goal even through inflation continues to be a hindrance to economic growth in the country.  In the early 1980’s for instance inflation rose to more than 100% with persistent GDP declines which led to large fiscal deficits, and overvalued exchange rate.

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Real Rate of Return on Equities of the Stock Exchange Vs Real Returns on Treasury Bills
Economic theories lend themselves to the view that changes in monetary conditions of an economy affect asset markets and therefore economic activity through induced changes in yield.  Since the early 1980’s, asset prices have undergone major fluctuations.  The impact of these fluctuations on economic activity and on the soundness of the financial market has been a concern for central banks and monetary authorities alike.  For instance, the global stock markets crash of October 1987 in the USA was preceded by a vigorous upswing in equity prices which neither the Federal Reserve Bank nor the US government could prevent.  In Ghana the bearish nature of the stock market in 1999 in particular has been blamed on the slowdown of the Ghanaian economy.

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