Policy Rate
The Bank of Ghana (BoG) has maintained the policy rate once again.
At its 97th Monetary Policy Committee (MPC) meeting held recently, the bank oughted to keep the rate unchanged at 97 percent.
BoG announced the move on Monday, November 23, 2020.
During the meeting, the
Committee observed that macroeconomic conditions have generally improved relative to conditions at the time of the last MPC meeting in September 2020.
It said “Global conditions continue to be supportive, domestic inflation is easing, growth prospects are improving, crude oil prices have stabilized, monetary aggregates have expanded but with minimal impact on inflation, the current account deficit is stable, remittances inflow has remained firm, the exchange rate has been stable and reserve buffers continue to remain strong.”
The policy rate is the rate at which the central bank lends to commercial banks.
97th MPC Press Release – 23rd November 2020
By Melvin Tarlue