MPC increases policy rate 

The Monetary Policy Committee MPC of the Bank of Ghana has increased the policy rate, the rate at which commercial banks borrow from the Central Bank by two hundred basis points.

The policy rate which was at nineteen percent now stands at twenty-one percent.

The Governor of the Bank of Ghana and chairman of the MPC, Dr Henry Kofi Wampah at a media briefing in Accra said latest forecasts indicate inflation will continue to remain outside the target band.

He said the increase in the rate is to ensure that the existing tight monetary policy stance is maintained.

GBC