BoG reduces policy rate to 13.5%

The Bank of Ghana (BoG) has reduced its Monetary Policy Rate to 13.5 percent.

The reduction by 100 basis points follows the maintenance of the rate for six consecutive times since March 2020 when it was reduced to 14.5 percent from a previous policy rate of 16 percent.

The reduction in the policy rate was announced by Governor of the Bank of Ghana, Dr Ernest Addison on Monday, May 31, 2021.

With a reduction in the policy rate, lending rates by commercial banks to businesses is expected to fall in line with the new policy rate.

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