The Bank of Ghana has lowered the monetary policy rate by 200 basis points, reducing it from 29 percent to 27 percent.
Dr. Ernest Addison, who serves as the Chairman of the MPC and Governor of the BoG, explained that this decision is linked to the cedi’s relative stability, a downward trend in inflation moving towards a more balanced state, effective implementation of fiscal policies, and overall improved macroeconomic conditions.
Additionally, he pointed out a notable enhancement in the reserves held by the Central Bank of Ghana.
This announcement was made by Dr. Addison during a press conference on Friday, September 27, 2024, which coincided with the 120th meeting of the Monetary Policy Committee.