MPC reduces policy rate to 23.5%; biggest drop in almost 10 years – MyJoyOnline

Governor of the Central Bank, Dr. Abdul Nashiru Issahaku

The  Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has significantly reduced its key lending to commercial banks, the biggest cut in rate in almost 10 years. 

The Committee dropped the policy rate by 200 basis points to 23.5 percent.

Speaking at a news conference Monday, Governor of the Central Bank, Dr. Abdul Nashiru Issahaku, cited favourable economic outlook for the reduction.

He included factors like declining inflation rate and stabilising cedi as the reason for this development adding he was hopeful, it would help boost lending and stimulate growth.

More soon…