The Monetary Policy rate of Bank of Ghana (BoG) has accelerated by 150 basis to 29.5 percent according to the governor of the Central Bank, Dr Ernest Addison.[ads2]
The increment was done by the Monetary Policy Committee of the Central Bank and it signals the rate at which it will lend to commercial banks.
This will also influence the average rate on loans to individuals and businesses.[ads3]
“This will be critical in resetting the economy on the path of recovery and sustaining growth. Headline inflation has declined marginally for two consecutive times but continues to remain relatively high compared to the medium-term target of 8+ or -2%’, Dr Addison told the media in his address.
“To place the economy firmly on the part of stability, it is important that the Bank of Ghana increases the Monetary Policy rate”, he added..[ads4]
