Bank of Ghana To Cut Policy Rate

Expectations are high within the banking industry for a possible reduction in the Policy Rate of the Bank of Ghana by at least 50 basis points. The Monetary Policy Committee begins its quarterly meetings from today, Monday February 11, to decide on the rate at which commercial banks will borrow from the Central Bank. The committee to be chaired by the Acting Governor, Dr. Henry Wampah will review developments in the Ghanaian economy in the past three months and announce an appropriate policy rate for the next three months on Wednesday. Already, Ecobank Research is predicting a 0.5 percentage point cut while some research and economic analysts are also projecting a marginal decline as well. The committee will also assess the business risk factors in the economy and also state its opposition regarding the performance of some macroeconomic indicators.