A senior lecturer at the University of Professional Studies (UPSA) Augustine Addo has lauded the decision by the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) to maintain its policy rate for the second time.
“I think it’s the best decision the Bank of Ghana has made for us,” he stated on 3 FM’s Sunrise morning show.
The bank late last year pegged the policy rate at 26 percent and maintained that rate during its first meeting for this year in January.
The monetary rate is the rate at which the central bank lends to commercial banks, it is also used by banks to calculate their base rate.
Mr. Addo further explained, “The Bank of Ghana monitory policy basically is aimed at ensuring price stability and for that matter assist government or support government in its economic objectives including those of growth and employment.
“For example the last meeting put it at 26% and the indicators which necessitated the rate at 26% in the last meeting have not changed.
“In fact if you look at the press release the Bank of Ghana gave out to support the retention of the rate at 26%, it clearly indicates the factors and to me it’s the best decision the Bank of Ghana has made.
“The objective going forward is to ensure that inflation does not go up and we are able to maintain stability.”
By Nana Afrane Asante| tv3network.com | Ghana