Finance

Monetary policy rate reviewed upwards to 17%

Central bank reviews its policy rate from 14.5% to 17%

Inflation, among other factors contributed to this new decision

BoG holds 105th MPC meeting

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate by 250 basis points from 14.5% to 17%.

This comes after the Committee of the Bank of Ghana, held its 105th meeting from Wednesday, March 16, to Friday, March 18, 2022, to review economic developments of the country.

The policy rate determines the rate at which the central bank lends to commercial banks. It also influences the interest rate on loans.

Bank of Ghana Governor, Dr Ernest Addison, attributed the increasing public debt stock, rise in domestic inflation, straining fiscal policy, among others as some contributing factors to the increase in the monetary policy rate.

Addressing journalists on Monday, March 21, 2022, Dr Ernest Addison said, “Under these circumstances, the committee has decided to increase the policy rate by 250 basis point to 17 percent.”

He stated that the Monetary Policy Committee is however confident that the ongoing discussions will lead to decisive policy reforms that will address underlining fiscal mismatches in the local economy, as well as, restore calm in the market.

Source: www.ghanaweb.com

Ogyem Solomon

Solomon Ogyem – Media Entrepreneur | Journalist | Brand Ambassador Solomon Ogyem is a dynamic Ghanaian journalist and media entrepreneur currently based in South Africa. With a solid foundation in journalism, Solomon is a graduate of the OTEC School of Journalism and Communication Studies in Ghana and Oxbridge Academy in South Africa. He began his career as a reporter at OTEC 102.9 MHz in Kumasi, where he honed his skills in news reporting, community storytelling, and radio broadcasting. His passion for storytelling and dedication to the media industry led him to establish Press MltiMedia Company in South Africa—a growing platform committed to authentic African narratives and multimedia journalism. Solomon is the founder and owner of Thepressradio.com, a news portal focused on delivering credible, timely, and engaging stories across Ghana and Africa. He also owns Press Global Tickets, a service-driven venture in the travel and logistics space, providing reliable ticketing services. He previously owned two notable websites—Ghanaweb.mobi and ShowbizAfrica.net—both of which contributed to entertainment and socio-political discussions within Ghana’s digital space. With a diverse background in media, digital journalism, and business, Solomon Ogyem is dedicated to telling impactful African stories, empowering youth through media, and building cross-continental media partnerships.

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