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Interest rate on loans to remain high…As BoG keeps policy rate  at 29.5%

Interest rate on loans to remain high...As BoG keeps policy rate  at 29.5%

The Monetary Policy Committee (MPC) of the Bank of Ghana has kept its policy rate unchanged at 29.5%.

It cited a slowdown in inflation as the main reason for the unchanged rate, which is the rate at which it lends to commercial banks.

Dr Ernest Addison is the Governor of the central bank

The cost of credit is expected to remain high with the average lending rate going for about 31.5%.

The International Monetary Fund (IMF) revealed last week that the Bank of Ghana will continue tightening monetary policy until inflation is on a firmly declining path,

According to the Fund, monetary and exchange rate policies under the programme will focus on reining inflation and rebuilding foreign reserve buffers.

Since July 2022, the policy rate has gone up by 10.5%.

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