Bank of Ghana reduces policy rate

Band of Ghana in its monetary policy committee meeting has reduced its interest rate to support the recovery of the economy.

The monetary policy committee reduced the rate to 13.5% from 14.5%, Governor Ernest Addison told reporters on Monday in Accra.

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Meanwhile potential borrowers of Ghana’s yet to be operational National Development Bank would require clearance from the bank of Ghana as a prerequisite.

The move according to the Governor of the Central Bank, Dr. Ernest Addison is to ensure that the new financial body does not suffer the fate of previous development banks.

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