Bank of Ghana to reduce policy rate this week

The Monetary Policy Committee (MPC) of the Bank of Ghana has started its regular review meeting today to take a look at the economy and decide on the policy rate, which is the rate for lending to borrowers.

According to an email message from the central bank copied to ghanabusinessnews.com, the MPC’s decision on the policy rate will be announced at a press conference in Accra on Friday July 16, 2010.

Speaking to ghanabusinessnews.com on phone, Sampson Akligoh, a Senior Analyst with Databank Research, said the reduction of the policy rate will affect the real sector of the economy, adding that, what is however unclear, is the extent of the effect.

He also said, the lowering of the interest rate will enhance the ability of the real sector to recover and for the private sector to borrow. That he said will also enhance employment opportunities.
By Emmanuel K. Dogbevi