The reduction, announced after the 128th Monetary Policy Committee meeting, marks the Committee’s fourth consecutive rate cut. “Based on the foregoing considerations, the Committee, the MPC, by majority decision voted to lower the monetary policy rate by 250 basis points to 15.5 percent,” Dr. Asiama told reporters in Accra. At its last meeting in November, the MPC lowered its policy rate by 350 bps to 18 percent – taking cumulative reductions for the year to 1,000 bps. Non-oil GDP growth accelerated to 7.5 percent, driven mainly by the services and agriculture sectors. The central bank said ongoing measures to resolve legacy loans and tighten credit standards should further improve asset quality.