BoG optimistic of achieving single digit inflation

The Central Bank is optimistic recent stability in the economy will facilitate the achievement of a single digit inflation target by next year.

Currently, inflation hovers around 18.5 percent and is expected to see a further decline due to the stability in the recent power crisis. Some economic analysts doubt government will be able to achieve the target due to the pressure that comes with spending in an election year.

However, speaking at the 25 anniversary of NDK Financial Service in Accra, the deputy Governor of the Bank Millison Narh is hopeful the target is attainable.

The Managing Director of the company Oko-Nikoi Dzani told Starr Business the firm does not intend transforming into a bank.

“I believe we face good times and bad times over the 25 years and learnt our lessons,” he said. “We don’t have any disadvantage of remaining a financial institution.”

NDK began operations in 1991, prior to the enactment of the Financial Institutions (Non-Banking Law) of 1993 – PNDC 328. The company has played a leading role in spearheading discussions and providing invaluable input for many of the laws and regulations that govern the non-bank industry.

NDK which started with two employees now has two branches and employs 90 workers.