As widely expected by economists, financial analysts and industry leaders the Bank of Ghana today Friday July 16, 2010 cut its policy rate to 13.5% from 15% following the further drop of the country’s inflation rate. The inflation rate for June is 9.52% a drop from the May figure of 10.68%
Sampson Akligoh, Senior Analyst at Databank Ghana, told ghanabusinessnews.com yesterday that the central bank was going to cut its policy rate adding that “transactional rates are also expected to drop to about 100 basis points.”
He said that will boost lending for business expansion and create more employment opportunities.
The governor of the Bank of Ghana, Kwesi Amissah-Arthur announced the rate cut at a press conference in Accra this morning.
By Emmanuel K. Dogbevi