Business News of Monday, 14 December 2020Source: www.ghanaweb.comImplore banks to respond to policy rate decisions – Spare Parts Dealers tell governmentClement Boateng, Co-chairman of the Abossey Okai Spare Parts Dealers AssociationThe Abossey Okai Spare Parts Dealers Association says it expects the continuing government to implore commercial banks to respond inadvertently to the monetary policy rate decisions by the central bank. According to Co-Chairman of the Association, Clement Boateng, as the policy rate is maintained, banks do not respond to it by way of also decreasing their interest rate. In November this year, the central bank kept the monetary policy rate unchanged at 14.5 percent for a fifth consecutive time. The decision, according to Governor of the Bank of Ghana Dr Ernest Addison is attributed to growth indicators improving and reserve buffers remaining strong. The policy rate of the central bank is of key interest to businesses as it influences the interest rate on loans and determines the rate at which the central bank lends to commercial banks.

Source: GhanaWeb December 14, 2020 10:52 UTC