Bank of Ghana holds policy rate at 17%

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the rate at which it lends to commercial banks.

The Central Bank kept the rate at 17 percent citing threats to economic growth and inflation rate.

Speaking at a press conference at the Central Bank Monday, the BoG, Dr Ernest Addison, said they are closely monitoring developments on the market and would respond adequately with additional measures to help keep inflation under control.



This is the first time year that the Committee has kept its rate unchanged.
Recapitalization of Banks

Dr Addison noted that six banks have met the minimum capital requirement and two others are working to meet it, adding that he expects about 15 banks to meet the requirement by end of the year.

Midland Savings and Loans Company

The BoG Governor said a lot of measures are currently being instituted to help deal with capital and capacity issues in the savings and loans sector.

Source:Myjoyonline