Interest rates to go up as BoG increases policy rate to 28%

The Monetary Policy Committee of the Bank of Ghana has increased its policy rate by 100 basis points from 27 per cent to 28 per cent.

This forms part of measures by the central bank to address current inflationary pressures.

Inflation for December 2022 hit a 22 year high of 54.1 per cent.

The policy rate 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.