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Business News of Wednesday, 14 November 2012

Source: radioxyzonline.com

Policy Rate maintained at 15 percent

The Policy Rate of the Bank of Ghana remained the same at 15 percent for the second successive month as predicted by some economist and analysts.

This means the rate at which commercial banks borrow from the Central Bank will remain the same for the rest of the year.

Acting Governor, Dr. Henry Kofi Wampah said improved exchange rate and inflation rate within the single digit band triggered the decision by the Central Bank to maintain the policy rate.

XYZ Business' Charles Nixon Yeboah, who was at the press conference when the decision was announced reported that though Dr. Wampah admitted that there were upside risks from the uncertainty in the global economy particularly the eurozone crisis, the committee decided to maintain the rate because of recent developments in the Ghanaian economy.

Meanwhile, the banking sector continued to remain strong with most banks recording impressive results during the third quarter of the year.

For instance Ghana Commercial Bank and CAL recorded profits of 129 and 229 percent profit at the end of September. The non performing loan ratio also improved to 13.2 percent at but credit conditions remained tightened.

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