The Bank of Ghana is being asked to adopt other monetary policy measures to check the rise in inflation in the country.
According to the Senior Vice-President of The Royal Bank, Dr Kwame Baah-Nuakoh, the increase in the policy rates over the years in inflation targeting has not yielded the right results and wondered why the central bank remained fixated on one unworkable measure when others could work.
“If for nothing at all, the Bank of Ghana should reduce the policy rate to enable individuals and corporates to borrow from the banks at a lower rate rather than always increase it without any impact”, he said in an interview in Accra as he discussed the laurels of the bank at the 14th Ghana Banking Awards.
In its last Monetary Policy Committee (MPC) report, the BoG shocked the country when it announced a further increase in the policy rate from 24 per cent to 25 per cent.
The move by the bank has generated a lot of debate as trade associations in parti