Figure 3.3: GDP Growth Rates by SEctor, 2008 2011 % 45 40 35 30 25 20 15 10 5 0 2008 2009 2010 2011 Agric 7.4 7.2 5.3 0.8 Industry 15.1 4.5 6.9 41.1 Services 8 5.6 9.8 8.3 Source: Ghana Statistical Service, 2012 3.2.3 Interest Rate The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) consistently reduced the policy rate during the year. From a high of 13.50% in May 2011, the policy rate declined to 12.5% in July 2011. This decline saw marginal declines in the rates of some key market instrument. t. The benchmark 91 91-day day Treasury Bill rate declined from 11.80% in January 2011 to 9.18% in September 2011. The one one-year year note also declined from 12.60% to 11.10% over the same period (Table 3.1). Table 3.1: .1: Interest rate (%), 2008 - 2011 Interest Rate Bank of Ghana Prime Rate Demand Deposits (annual average) Savings Deposits (annual average) Lending Rates (annual average) 91-Day Day Bill (annual average) 2008 17.0 3.88 9.0 27.25 24.67 2009 18.0 3.63 10.0 32.75 25.4 2010 13.5 3.38 5.9 27.6 14.4 2011 12.5 3.38 4.38 26.95 9.41 Source: Bank of Ghana, 2012 Inflation Rate Rate-Cost of Credit Paradox Whilst the country continues to record low and stable single digit inflation, the cost of Sixth Annual APRM Progress Report: January – December 2011 47