The Bank of Ghana has reduced its policy rate from 26 per cent to 25.5 per cent.
This was announced on Monday, 21 November. This is the first change in the rate in several months after it was maintained at 26 per cent on four consecutive times.
Meanwhile, the Bank of Ghana’s summary of Economic and Financial Data has revealed that the country’s total public debt stock has increased to GHS112.4billion as of September this year.
This represents 67.4 per cent of Ghana’s debt-to-GDP ratio. The central bank released the data after its Monetary Policy Committee meeting on Friday.
The meeting reviewed the state of the economy. Per the data, a total of GHS2.6billion has been added to the public debt since August 2016.
It showed that GHS65billion, representing 39 per cent of debt-to-GDP ratio, came from external borrowing while GHS47.4billion, 28 per cent of debt-to-GDP ratio, came from domestic borrowing.
Source: Ghana/AccraFM.com
