The Monetary Policy Committee (MPC) of the central bank has reduced policy rate by 100 basis points to 17 percent, concluding its review on the economy.
The MPC, at its last meeting in March 2018 reduced the policy rate by 200 basis points. The figure dropped from 20 to 18 percent.
The Governor of the Bank of Ghana, Dr. Ernest Addison, at the recent MPC meeting with the media, attributed the decision to reduce the rate to the central bank’s moves to achieve the annual inflation target.
According to him, the Monetary Policy Committee decided to reduce the policy rate to also help ease the burden of interest payments on the budget.
The policy rate is also expected to influence the lending rates of commercial banks in Ghana, subsequently.
More to follow
Source: 3news.com | Ghana
The post Bank of Ghana reduces policy rate to 17% appeared first on 3newsgh.
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