BoG maintains policy rate at 26 percent

The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 26 percent.

Central Bank Governor Abdul Nashiru Issahaku attributed the decision to the recent drop in inflation which currently stands at 18.4 percent.

This is the fourth time that the policy rate has been maintained since January this year.

Announcing the new rate at a media briefing on Monday, the Governor of the Bank of Ghana, Dr. Abdul Nashir Issahaku said, “Our committee has decided to maintain the policy rate at 26 percent.”

The policy rate is indicative of the rate at which the Central Bank lends to commercial Banks in the country.

The bank has also outlined efforts aimed at achieving a continuous stabilization of the local currency, the cedi, as well as meeting the conditions outlined in the agreement with the International Monetary Fund (IMF) under the economic assistance programme.