Bank of Ghana holds 15% policy rate start of 2013

The Bank of Ghana has maintained its policy rate at 15% at the beginning of 2013.

The policy rate is the base rate at which commercial banks are supposed to use in lending to borrowers.

Acting Bank of Ghana (BoG) governor and chair of the MPC, Dr Kofi Wampah told reporters the Committee decided to hold the policy rate as the country’s growth outlook for 2013 was positive, at a news conference today February 13, 2013 after a two-day meeting of the Monetary Policy Committee (MPC).

“The Committee viewed the growth outlook as broadly positive, underpinned by private sector credit expansion, improved business and consumer sentiments and increased oil production in the last quarter of 2012,” Dr Wampah said.

According to the MPC, risks to inflation and growth in the outlook are fairly balanced and “therefore decided to maintain the policy rate at 15%”.

By Ekow Quandzie