Bank of Ghana increases policy rate to 14.5%
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The monetary policy committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 100 basis points from 13.5% to 14.5 5%.
The Policy rate is indicative of the rate at which the Central Bank lends to commercial Banks in the country .
In May 2021, the BoG lowered the policy rate by 100 basis points, from 14.5% to 13.5percent. It was the first time in the year that the central bank had lowered the policy rate.
The central bank had since then maintained the policy rate at 13.5% for two consecutive times.
Public Debt
Meanwhile Ghana’s Public debt now stands at 341 billion dollars, one billion up from the 340 billion recorded in August 2021. The 341 billion cedis represents a 77.8 percent of GDP.
This is according to latest data released by the Bank of Ghana. In the report, Domestic debt stands at 178.1 billion dollars while external debt is 163.7 billion dollars.
Economist Kwame Amoah Darkwah who has been going through the data says its time to take a look at reducing budget deficit targets and rationalize expenditure schedules.
-Asaase
ABOUT: Nana Kwesi Coomson
[email protected] An Entrepreneur, Corporate Social Responsibility, Corporate Communications Executive and Philanthropist. Editor-in-Chief of www.233times.com. A Senior Journalist with Ghanaian Chronicle Newspaper. An alumnus of Adisadel College where he read General Arts. His first degree is in Bachelor of Arts - Political Science (major) and History (minor) from the University of Ghana. He holds MSc in Corporate Social Responsibility (CSR) and Energy with Public Relations (PR) from the Robert Gordon University in the United Kingdom. He is a 2018 Mandela Washington Fellow who studied at Clark Atlanta University in USA on the Business and Entrepreneurship track.
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