The Bank of Ghana has reduced the policy rate to 18 percent.
This represents a 200 basis points reduction in the policy rate which was at 20 percent.
Today’s announcement of a reduction is the first after the rate was maintained earlier in the year.
The Governor of the Bank of Ghana, Dr. Ernest Addison explained that the decision is based on the central bank’s moves to achieve the annual inflation target.
He made the disclosure when he addressed the media on Monday morning.
The policy rate is the rate at which the central bank lends to commercial banks for onward lending to their customers.
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Source: Citi Business News
