The Ghana Reference Rate (GRR) will be redesigned by the BoG as part of a larger policy framework.

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

The Bank of Ghana (BoG) has announced plans to overhaul the Ghana Reference Rate (GRR) as part of a broader policy framework aimed at bringing lending rates below 10% within the next four years.

Governor of the Central Bank, Dr Johnson Pandit Asiama, made the disclosure at the launch of the Ghanaian Banker Magazine and the unveiling of new initiatives by the Chartered Institute of Bankers (CIB) Ghana on Thursday, June 19.

According to Dr. Asiama, addressing structural inefficiencies within the credit market remains critical to unlocking affordable credit for businesses and households.

He stressed that the current high cost of credit continues to stifle private sector growth and economic expansion.

Source: newsthemegh.com