BOG keeps policy rate at 26%

The Central Bank has maintained its policy rate at 26 percent following a review by the Monetary Policy Committee.

Governor of Bank of Ghana Dr. Henry Kofi Wampah announced it at a press briefing today. Some analyst, who predicted it should be maintained, attributed it to the current economic stability coupled with stability of the cedi against the major trading currencies. The monetary rate is the rate at which the central bank lends to commercial banks, it is also used by banks to calculate their base rate. Since January 2016, the MPC of the Bank of Ghana (BOG) has maintained its policy at 26 percent. The last time the rate was increased, which was last year, the Bank of Ghana at the time attributed the move to high inflationary trends and the cedi’s instability.

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