Policy rate maintained at 18 percent

Wednesday 2nd April , 2014 12:23 pm

Dr Henry Kofi Wampah, Governor of the Bank of Ghana

Dr Henry Kofi Wampah, Governor of the Bank of Ghana

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate 18 percent.

The committee last month increased the rate from 16 percent to 18 percent.

It attributed the increase to domestic fiscal pressures such as exchange rate fluctuations, price volatility and weakening of some global economies resulting in limited capital inflow.

The Policy rate indicates the rate at which commercial banks can borrow from the Central Bank.

Prior to the announcement some economists had predicted that the committee will maintain the rate.

Governor of the bank of Ghana Dr Henry Kofi Wampah addressing the press said it was too soon to revise the rate and the bank was still assessing the impact of the last review of the rate.

By:  Vivian Kai Mensah/citifmonline.com/Ghana

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