The Monetary Policy Rate remains at 29% – BoG.

Compiled By: Prince Henry Danquah, Bora Capital Advisors Ltd.

For the third consecutive time, the Bank of Ghana (BoG) has maintained the Monetary Policy Rate at 29 percent.

The policy rate is a benchmark interest rate set by a Central Bank. It’s the rate at which commercial banks can borrow from the Central Bank.

This rate is used by the Central Bank as a monetary policy tool to influence short-term interest rates and control the money supply in the economy.

This implies that the reference rate for lending by commercial banks remains at 29 percent.

On Friday, following the 119th meeting of the committee, BoG Governor, Dr Ernest Addison, announced the decision to maintain the rate.

Source: newsthemegh.com