Bank of Ghana cuts policy rate to 21 percent

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Bank of Ghana
Bank of Ghana

The Monetary Policy Committee (MPC) of Ghana’s central bank announced here on Monday its decision to slash its benchmark policy rate by 150 basis points to 21 percent from the previous 22.5 percent.

Governor of Bank of Ghana Ernest Addison said the decision was based on the positive outlooks for the economy of the country.

“The disinflation process is still ongoing and this trend is likely to continue all through till the end of the third quarter. Given these considerations, the Committee decided to reduce the Monetary Policy Rate by 150 basis points to 21 percent,” the governor announced.

This is the third slash in the policy rate since 2017, resulting in a cumulative 450 basis point reduction since the beginning of the year. Enditem

Source: Xinhua/Newsghana.com.gh

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