BoG raises policy rate by 100 basis points

The monetary policy committee of the Bank of Ghana has increased its policy rate.

The committee after its final review meeting on the state of the economy decided to hike the rate by 100 basis point from 25 to 26 percent.

The policy rate is usually indicative of the rate commercial banks borrow from the Central Bank.

By this latest action, it means customers are likely to pay more for the loan they are servicing which will ultimately increase the cost of doing business.