Ghana’s monetary policy rate currently stands at 30%.
This makes Ghana the country with the second-highest monetary policy rate in the world according to Trading Economics.
Ghana trails behind Zimbabwe which has a monetary policy rate of 150% as of the end of August 2023 and is the country with the highest policy rate in the world.
The Continent’s biggest economy, Nigeria, with a policy rate of 18.75% ranked 14th globally.
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The monetary policy rate often referred to as the central bank interest rate or benchmark interest rate, plays a pivotal role in shaping a country’s economic landscape.
This rate, determined by a nation’s central bank, influences a wide range of financial variables and has a profound impact on economic stability, investment decisions, and the overall well-being of its citizens.
The monetary policy rate is the rate at which a nation’s central bank loans money to commercial banks or other financial institutions.
It acts as a standard for other interest rates in the economy, such as those on savings accounts, business loans, and mortgages. This rate is a tool that central banks employ to manage the money supply, inflation, and general economic expansion.
Inflation, exchange rates, and external economic conditions are among some of the factors that can influence a country’s policy rate.