BoG cuts policy rate by 250bps to 15.5%

The monetary policy committee of the Bank of Ghana lowered its benchmark interest rate by 250 basis points to 15.5%, deepening its easing stance as inflation continues to slow and economic activity firms.

The decision was taken by a majority of members at the Committee’s 128th meeting, Governor Dr. Johnson Pandit Asiama said at a press briefing in Accra. The move reflects a sharp decline in inflation, a stronger cedi and improved fiscal and external balances.

“Based on the foregoing considerations, the committee, the MPC, by majority decision, voted to lower the monetary policy rate by 250 basis points to 15.5 percent,” Dr. Asiama said. “The committee will continue to monitor developments closely and take appropriate policy actions to ensure that the gains from macroeconomic stability are translated into sustainable growth.”

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