BoG keeps policy rate unchanged at 29.5%; cost of loans to remain high
The Monetary Policy Committee (MPC) of the Bank of Ghana has kept its policy rate same at 29.5%, the first time since July 2022.
It cited a slowdown in inflation as the main reason to the unchanged rate -the rate at which it lends to commercial banks.
The cost of credit is expected to remain high with the average lending rate going for about 31.5%.
The International Monetary Fund (IMF) had revealed last week that the Bank of Ghana will continue tightening monetary policy until inflation is on a firmly declining path,.
According to the Fund, monetary and exchange rate policies under the programme will focus on reining in inflation and rebuilding foreign reserve buffers.
Since July 2022, the policy rate has gone up by 10.5 percent.
More soon…………
Source: Ghana News
