Stanchart adjusts prime rate

Accra, March 19, GNA - Standard Chartered Bank on Wednesday announced that its new base rate would be 21.24 per cent. A statement signed by Nii Okai Nunoo, Area Head of Corporate Affairs, said the new base rate came into effect on March 18. The Monetary Policy Committee (MPC) of Bank of Ghana on Monday pegged the prime rate, the benchmark rate used by lenders as a reference to establish the rate to be charged to borrowers, at 14.25 per cent, a rise from the previous figure of 13.5 per cent Dr. Paul Acquah, Governor of the Bank of Ghana said the Committee's decision to raise the rate was informed by the uncertainties about oil prices, food inflation and domestic demand pressures.