Bank of Ghana increases policy rate
Posted on: 2014-Feb-06        
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The rate at which commercial banks borrow from the Bank of Ghana has gone up by 200 basis points, as the central bank increased police rate from 16 to 18 percent.

This is the latest adjustment by the Bank of Ghana after two days of deliberations by the Monetary Policy Committee (MPC).

The MPC has been meeting to discuss the health of the economy; top on the agenda is the depreciation of the cedi against the major trading currencies.

“Based on the valuation, the Committee is of the view that the risks to inflation and exchange rate stability are highly elevated and therefore decided to increase the policy rate by 200 basis points to 18 percent,” the Governor of the Bank of Ghana, Dr Henry Kofi Wampah explained on Thursday.

The increase in the Policy rate from 16 to 18 percent is expected to have implications for businesses and individual who borrow from the bank.


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