The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has, by a majority decision, reduced the monetary policy rate by 250 basis points to 15.5 per cent from 18 per cent, citing strong macroeconomic stability and a favourable domestic and external environment.

The latest cut brings the policy rate to its lowest level in four years, since January 2022.

Addressing a news conference after the 128th regular meeting of the MPC, the Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, said the decision was driven by improving macroeconomic fundamentals and sustained stability across key sectors of the economy.

He explained that the reduction was also intended to ease the cost of credit, stimulate private sector activity and support economic growth.