Bank of Ghana cuts policy rate to 16%

As widely expected the Bank of Ghana has cut its policy rate by 200 basis points from 18% to 16%.

 The Governor of the central bank, Mr. Kwesi Amissah-Arthur announced the new rate at a press conference at the bank Friday February 19, 2010.

 He said the Monetary Policy Committee of the bank took into consideration recovery of the global economy, steady diminishing inflationary pressures and growing business and consumer confidence in the domestic economy to determine the rate.

Details soon.

By Emmanuel K. Dogbevi