Interest Rate – Likely to be Maintained in the First MPC Meeting
The Monetary Policy Committee lowered the interest rate from 17% to 16% in their last meeting. Analysts expected the MPC to inch up the policy rate to 18% or at least maintain it at 17% due to the depreciation of cedi. Obviously, the BOG would want to live up to the government’s billing of economic champions and that could have played a huge role in reducing the rate to 16%. With current developments it is not likely that the policy rate can slide down further in the next two quarters. The most likely way would be at the current level or upwards
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