Bank of Ghana reduces policy rate to 13.5%
After 12 months of tightening, the Bank of Ghana (the parent) cut the cover rate that serves as its benchmark charge by one hundred basis points (bps).
As per the belief of one centennial meeting of the bank’s Economic Coverage Committee (MPC) on May 29, the fee was reduced from 14.5 percent to 13.5 percent this time.
At an information convention in Accra today, the Governor of the Financial Institution of Ghana (Bad), Dr. Ernest Addison, who leads the seven-member board, said the price cuts were due to fading inflation risks and growth prospects, leading to support holding between May 2020 and March this 12 months.
He said the financial institution is currently anticipating a decrease in image fees with ongoing economic and cash guidelines to support development, while the data shows an extraordinary firmly anchored economic change in the sport.
despite the fact that inflation fell from 10.3 percent in March to 8.5 percent in April, some experts told the media that the drop “is a rare surprise.”