Ghana: ‘Reduced Policy Rate Must Reflect On Banks’ Lending Rates’

Businesses that have been impacted by the COVID-19 pandemic in Ghana are urging the Bank of Ghana to ensure that commercial banks revise their lending rates to reflect the reduction in the policy rate.

According to them, this would enable them to bridge the shortfall in the supply of some goods in the wake of the outbreak.

The Monetary Policy Committee of the Bank of Ghana, last week reduced the policy rate which is the rate at which banks borrow from the central bank, by 150 basis points, from 16…

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