The Governor of the Bank of Ghana says the hike in the policy rate to 26 percent will in the medium term prove beneficial to the country’s economy. Contrary to opinions by sections of the business community that the hike will impact negatively on credit extension, Dr Kofi Wampah said the economy will benefit richly. The governor has indicated that the law to give the legal backing, should be in place by the first quarter of 2016. Dr. Wampah also indicated that he will soon take action on a recent audit which showed an undesirable financial position by some commercial banks. Dr Kofi Wampah said that government was on track in stabilizing the economy looking at measures implemented so far.