Home General News Bank of Ghana reduces policy rate to 13.5%

Bank of Ghana reduces policy rate to 13.5%

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Bank of Ghana reduces policy rate to 13.5%

The Bank of Ghana (BoG) has cut its benchmark rate, the policy rate by 100 basis points (bps), signalling a return to monetary easing after a year of tightening.

The bank reduced the rate from 14.5 percent to 13.5 percent today after concluding its 100th Monetary Policy Committee (MPC) meeting on May 29.

The Governor of the Bank of Ghana (BoG), Dr. Ernest Addison, who seats the seven-member council, said at a news meeting in Accra yesterday that the decrease in the rate followed the waning in risks to the inflation and growth outlooks, which had occasioned a supported rate-hold between May 2020 and March this year.

He said the bank presently expected the rate slice to mix with current financial and money-related strategies to help development when data showed a more grounded bounce back in monetary exercises.

A few experts, nonetheless, told the media that the cut was “a huge shock” given that inflation had not fully stabilized in spite of falling from 10.3 percent in March to 8.5 percent in April.

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Frank Oteng known professionally as Ghlagatin is a Ghanaian celebrity blogger, freelance journalist, and reporter.He is the founder of Ghlagatin.net, an entertainment website. He graduated from Accra Technical University, ATU with a National High Diploma in Interior Design.

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