We don’t benefit from high interest rates – BoG

Business

BoG

The Bank of Ghana (BoG) has stated that it does not benefit from high interest rates.

In a financial literacy card, the BoG explained that high interest rates increase the cost of open market operations and result in central bank losses.

However, it also mentioned that this is a necessary price to pay to bring inflation down.

An interest rate is the percentage of a loan or deposit that is charged or paid by a lender or financial institution to a borrower for the use of money. It is essentially the cost of borrowing money or the reward for saving money.

Interest rates can apply to various financial products, including loans, mortgages, credit cards, and savings accounts.

Trending Business

Parliamentary Select Committee on Labour commends industries for job creation

13:52
Ghana, Brazil deepen agricultural cooperation as Ambassador Namoale courts investment for livestock sector

17:24
GoldBod generated over US$8 billion from small-scale gold exports

12:58
GCAA Ag. DG brokers internship deal with Qatar Civil Aviation Authority

11:25
YEA opens work abroad opportunities for skilled professionals in Saudi Arabia

15:44
China grants additional ¥200 million to Ghana for Aflao market and National Theatre projects

13:07
GIHOC Distilleries demands retraction and apology from Joy News over erroneous reportage

13:00
It took NLA 9 years to generate GHS 3.065 billion -Razak Kojo Opoku to Fourth Estate

10:49
Mozambique studies Ghana’s Goldbod model amid gold market reforms

03:53
Energy Minister commends BOSTEnergies for strategic reforms and commitment to fuel security

03:16