Ghana news briefing
Why BoG kept the policy rate at 14%: What it means for your loans, savings and Treasury bills
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A 14% policy rate does not automatically mean banks will immediately change their loan or savings rates, as commercial banks also consider operating costs, competition and borrowers' credit risk when setting interest rates.
The Bank of Ghana's Monetary Policy Committee unanimously voted to keep the policy rate at 14%, citing inflation risks, global uncertainty and the need to preserve recent gains in economic stability.
To first clarify, the Monetary Policy Rate (MPR) is the interest rate the Bank of Ghana charges commercial banks when they borrow money from it.
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