BoG Announces Policy Rate Today

The Governor of the Bank of Ghana, Dr. Ernest Addison is today [January 22, 2018] expected to announce the central bank’s policy rate for commercial banks for the next couple of months.

It follows the completion of the Monetary Policy Committee (MPC’s) annual meetings to review the Ghanaian economy.

Today’s announcement will be the first for this year and it is expected to affect interest rates charged by banks on their loans given to customers.

For last year alone, the central bank reduced the policy rate by 550 basis points.

The rate was reduced from 25.5 percent in January 2017 to 20 percent as at November the same year.

Checks by Citi Business News also indicate that between January and December 2017, the average interest on loans by commercial banks reduced by 7 percent.

It went down from 27.6 percent in January to 25.7 percent as at December 2017.