BoG Keeps Monetary Policy Rate At 29%

In a recent announcement, the Bank of Ghana (BoG) has decided to maintain its Monetary Policy Rate at a significant 29 percent.

This decision comes after a prior 100-basis-point cut in the policy rate took it to the current 29 percent back in January.

The BoG reiterated its stance on the prime rate at the 117th Monetary Policy Committee (MPC) press briefing held in March.

The Governor of the Bank of Ghana, Dr. Ernest Addison, officially declared the decision to uphold the policy rate at the 118th MPC press briefing conducted on Monday May 27, 2024.

The new policy rate follows the review of macroeconomic developments in the country for the past two months by the MPC.

With a maintenance in the policy rate, the lending rate by commercial banks to businesses is expected to remain the same with the new policy rate.