• About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV
Friday, January 27, 2023
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos
No Result
View All Result
Citinewsroom - Comprehensive News in Ghana
No Result
View All Result

BoG increases Monetary Policy Rate from 24.5% to 27%

Citi NewsroombyCiti Newsroom
November 28, 2022
Reading Time: 1 min read
ShareShareShareShare

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the Monetary Policy Rate by 250 basis points to 27 percent

The prime rate, which is of keen interest to businesses, signals the rate at which the Central Bank will lend to commercial banks.

It also subsequently influences average lending rates on loans to individuals and businesses.

In his address to the media, Governor of the Bank of Ghana, Dr. Ernest Addison, noted that the increase forms part of efforts to address current inflationary pressures.

“The inflation forecast shows that in the outlook, inflation will likely peak in the first quarter of 2023 and settle at around 25 percent by the end of 2023. This forecast is conditioned on the continued maintenance of tight monetary policy stance and the deployment of tools to contain excess liquidity in the economy. There are however some risks to this forecast that would have to be monitored, including additional pressures from the proposed VAT increase, and exchange rate pressures.”

“Continued vigilance to the evolution of these potential price pressures in the outlook will be key. The Committee is of the view that significant upside risks to the inflation outlook remain. To continue to anchor inflation expectations, the Committee therefore decided to increase the policy rate by 250 basis points to 27.0 percent,” he said.

Following the increase in the policy rate, his means cost of borrowing is expected to go up further.

 

 

ShareTweetSendSend
Previous Post

Black Stars keep Qatar 2022 hopes alive with win over South Korea

Next Post

Scaling-up play-based learning in Ghana: From decision to implementation and sustainability [Article]

Related Posts

Top Stories

FDA suspends services of waakye joint at Oyibi that killed one person

January 27, 2023
Finance Minister, Ken Ofori-Atta announcing the debt exchange programme on Sunday, December 4, 2022
Top Stories

Govt reaches agreement with GSIA on Debt Exchange programme

January 27, 2023
General

Jefferson Sackey donates 3000 exercise books to school children in Ablekuma Central

January 27, 2023
Top Stories

NDC had lots of achievements but failed to communicate them – Mahama regrets

January 27, 2023
Top Stories

DDEP will wipe life savings of over 6 million Ghanaians – Mahama

January 27, 2023
Education

Pay our Tier-2 pension by February or face our wrath – Teachers

January 27, 2023
Next Post

Scaling-up play-based learning in Ghana: From decision to implementation and sustainability [Article]

TOP STORIES

FDA suspends services of waakye joint at Oyibi that killed one person

January 27, 2023

Kumasi: One arrested for murder as police restore calm over violent disturbances

January 27, 2023

South Africa govt urges MTN, GRA to resolve tax liability dispute amicably

January 27, 2023
Load More
ADVERTISEMENT
Citinewsroom – Comprehensive News in Ghana

CitiNewsroom.com is Ghana's leading news website that delivers high quality innovative, alternative news that challenges the status quo.

Archives

Download App

Download

Download

  • About Us
  • Contact Us
  • Photo Gallery
  • Privacy Policy
  • Terms of Use
  • Citi TV

© 2021 All Rights Reserved Citi Newsroom.

No Result
View All Result
  • Home
  • News
  • Business
  • Sports
  • Showbiz
  • Coronavirus
  • Infographics
  • Livestream
  • Videos

© 2021 All Rights Reserved Citi Newsroom.

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept All”, you consent to the use of ALL the cookies. However, you may visit "Cookie Settings" to provide a controlled consent.
Cookie SettingsAccept All
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT