The Bank of Ghana has reduced its policy rate to 21 percent.
The figure represents a 150 basis points reduction from the 22.5 percent.
This is the third consecutive time that the policy rate has been reduced by the central bank.
Governor of the Bank of Ghana, Dr. Ernest Addison who announced the new rate at a media briefing on Monday, cited the declining inflation rate, positive economic outlook as well as increase in economic activities as basis for the reduction.
The policy rate is the primary rate at which the central bank lends to the commercial banks in the country.
Some have attributed this to the relative high interest rates charged by commercial banks which currently estimated at 30 percent.
By: Lawrence Segbefia/Pius Amihere Eduku/citibusinessnews.com/Ghana
Published on 24 July 2017 | 12:22 pm at Source