BoG increases policy rate by 200 points

Policy rate

By Naa Djagbley Ago

The Monetary Policy Committee of the Bank of Ghana has increased the policy rate by 200 basis points to 19%.

The decision, according to the Committee, was arrived at due to inflationary pressures coupled with ongoing global economic downturn.

Speaking at a news conference in Accra, Governor of the Bank of Ghana and Chairman of the MPC, Dr. Ernest Addison, said, “these global developments have resulted in the continuous hike in the prices of goods and food items such as wheat which is mainly imported from Russia and Ukraine.”

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