The Monetary Policy Committee of the Bank of Ghana has for the second consecutive time increased the Policy Rate – the rate at which it lends to commercial banks by 200 basis points to 19%.

This was announced by the Governor, Dr. Ernest Addison at a press briefing on Monday.  

The increase in the Central Bank’s monetary policy rate means cost of borrowing is expected to go up at least for the next two and half months.

Prior to the announcement of the Policy Rate, the Central Bank had indicated its intention to tame inflation in order to bring interest rates down and consequently lending rates.

Here is the governor of Ghana’s Central bank, Dr. Ernest Addison