Bank of Ghana to cut policy rate?

The Monetary Policy Committee of the Bank of Ghana will Friday announce its decision on what the policy rate should be for the next few months.

The rate is one of the key factors that influences how much interest individuals or business pay when they take bank loans.

The expectation is that the rate will be reduced from the current 15 percent.

This is because of a promise by the Governor of the Central Bank who chairs the Monetary Policy Committee to continue to cut the rate if inflation continues to fall.

At its last meeting in April, the MPC factored into the policy rate the March inflation figure of 13.32 percent.

But inflation has since dropped to 9.52 for June.

Source: Joy Business/Myjoyonline.com/Ghana