The Monetary Policy Committee of the Bank of Ghana has reduced its lending rate by a 100 basis point from 14.5 percent to 13.5 percent.
What this means is that individuals and businesses will be seeing a drop in the cost of borrowing.
This is the first time the Prime rate has been lowered post-COVID-19.
According to Governor of the Bank of Ghana, Dr. Ernest Addison, their decision was based on the global financing conditions which remain favorable in the first quarter of this year as well as on the domestic front, underlying inflation which subdued marginal signaling growth in the economy post-covid-19.
Governor of the Bank of Ghana, Dr. Ernest Addision announced this to journalists at the 100th MPC Meeting on Monday, May 31, 2021.
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