Ghana: BoG Reduces Policy Rate to 21 Percent

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has reduced the policy rate for the fourth consecutive time, since November 2016.

The MPC reduced the rate from 22.5 percent to 21 percent, citing a long haul of disinflation process.

Announcing the decision in Accra today, the Governor and Chairman of the MPC, Dr Ernest Addison said the disinflation process would continue to the third quarter of the year.

The policy rate is the rate at which the central bank does overnight lending to the commercial banks in the country.

With the reduction, all the commercial banks are required to reduce their base rates accordingly.

GB&F

Source: African Eye Report

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