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Ghana Monetary Policy Rate Banking sector players expect unchanged Monetary Policy Rate

In its first meeting for 2016, which was in January, the Monetary Policy Committee of the Bank of Ghana maintained the rate at 26% citing relative stability in key macroeconomic indicators like the performance of the Ghana Cedi against the major currencies, the rate of inflation, and producer price index.

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Players in the Banking Sector expect the Governor of the Bank of Ghana to reduce the Monetary Policy Rate as he announces the monetary policy rate later Monday morning.

In its first meeting for 2016, which was in January, the Monetary Policy Committee of the Bank of Ghana maintained the rate at 26% citing relative stability in key macroeconomic indicators like the performance of the Ghana Cedi against the major currencies, the rate of inflation, and producer price index.

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In the build-up to the announcement today(Monday), Head of the Banking and Finance department of the University of Ghana, Dr. Godfred Bokpin says current macroeconomic indicators point, most likely, to a maintenance of the rate or even a decrease.

Speaking to Pulse Business, Dr. Bokpin said, “ It is my hope that  the monetary  policy rate will be a reflection of the macroeconomic situation. If you look closely, the macroeconomic indicators have stabilized. Inflation, especially producer price inflation has stabilized, so has the exchange rate, which are all key indicators of the monetary policy rate , have stabilized. So I hope the rate is a true reflection of the indicators.”

 The monetary policy rate is the rate at which the Bank of Ghana lends to commercial banks. It also forms the basis on which the banks calculates their base rates.

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