Cost of borrowing to rise as policy rate is increased to 24.5%

The Monetary Policy Committee has increased the Policy Rate again to 24.5 per cent from the 22 per cent.

This was announced by the Governor of the Bank of Ghana, Dr Ernest Addison in Accra.

According to him, revenue performance has been below expectations, complicating fiscal policy implementation.

The Committee recognizes the fact that the current condition is sub-optimal and will be interim until an IMF bailout is secured.

Inflation remains elevated and the balance of risks is on the upside.

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