BoG keeps policy rate unchanged at 29.5%; cost of loans to remain high

The Monetary Policy Committee (MPC) of the Bank of Ghana has kept its policy rate same at 29.5%, the first time since July 2022.

It cited a slowdown in inflation as the main reason to the unchanged rate -the rate at which it lends to commercial banks.

The cost of credit is expected to remain high with the average lending rate going for about 31.5%.

The International Monetary Fund (IMF) had revealed last week that the Bank of Ghana will continue tightening monetary policy until inflation is on a firmly declining path,.

According to the Fund, monetary and exchange rate policies under the programme will focus on reining in inflation and rebuilding foreign reserve buffers.

More soon…………