Bank Of Ghana Policy Rate Maintained At 21 Percent

The Bank of Ghana has maintained its policy rate at 21 percent.

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play Governor, Bank of Ghana, Kofi Wampah
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The Bank of Ghana kept its interest rate unchanged. The policy rate was left at 21 percent.

Governor of the Bank of Ghana, Dr. Henry Kofi Wampah announced at a press conference on Wednesday in Accra.

Dr. Henry Kofi Wampah remains confident inflation target of 8 percent is still achievable by 2016.

The last time the policy rate was increased was the last quarter in 2014. Inflation figures peaked in the last quarter of 2014. This pushed the Bank of Ghana to increase the policy rate by 200 basis points to 21 percent to control inflation.

Analysts and economists had said it would be prudent for the central bank to maintain the policy rate considering the fall in crude oil prices. The policy rate is expected to further serve as a benchmark for the various banks in setting their base lending rates.

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