Bank of Ghana cuts policy rate by 150 points over Coronavirus [COVID-19]

The Bank of Ghana has reduced its benchmark policy rate by 150 basis points as its first response to the strain that the Coronavirus disease (COVID-19) is imposing on the economy.

The Governor of BoG and Chairman of the bank’s Monetary Policy Committee, Dr Ernest Addison, announced this in a statement issued Wednesday.

The statement followed the conclusion of the 93rd MPC meeting which reviewed activities in the economy and the impact of global developments on the local front.

Unlike before when the committee’s meetings were followed by press conferneces, the bank issued a statement in compliance with the directive to avoid social gatherings in the wake of the COVID-19 scorn.