BoG hikes policy rate to 24%; cost of lending to surge

The Monetary Policy Committee(MPC) of the Bank of Ghana (BoG) has increased the Policy Rate by 200 basis point to 24%.  

This means cost of lending will go up significantly, a situation that will push cost of living and doing business in the country further up.

Addressing the media, the Governor of the BoG, Dr. Ernest Addison explained that the committee reached the decision to check the rising rate of inflation as the country negotiate with the International Monetary Fund for a programme.

More soon…

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