Business News of Wednesday, 12 September 2012

Source: XYZ

MPC to announce policy rate today

The interest you will pay on your loan for the next three months will depend on the Policy Rate the Monetary Policy Committee of the Bank of Ghana announces today (Wednesday).

Acting Governor of the Central Bank, Dr. Henry Kofi Wampah who will chair his first MPC press conference is also expected to announce other developments in the economy.

XYZ BUSINESS has learnt that the regulator might increase the policy rate slightly to keep inflation at single digit and also ensure that the cedi remains strong against the dollar.

Ahead of the announcement of the base lending rate today, analysts are predicting a marginal rise in the value of the cedi to the US dollar.

Yaw Adu Koranteng, an analyst with Gold Coast Securities Limited, tells XYZ BUSINESS the outlook of the cedi will remain strong.

“The cedi itself has been quite stable. We expect it to remain stable at least for this month and when election campaigns and all the spending go through, then we will see what happens,” he explained.

The Policy Rate was adjusted by 50 basis points from 14.5 percent to 15 percent in June when the then Governor, Paa Kwesi Amissah Arthur chaired the press conference.