The monetary policy committee of the Bank of Ghana (BoG) has maintained the policy rate at 29%.
This is the second consecutive time the central bank is maintaining the policy rate at 29% this year.
The decision was taken after the committee reviewed the current economic situation as the rate of inflation for April 2024 declined to 25%.
“The latest forecast shows a slightly elevated inflation profile on account of recent exchange rate pressures and adjustments in transportation fares.
“However, the projections show that inflation will remain within the monetary policy consultation clause of 13-17 percent at the end of the year. These forecasts are contingent on sustaining the tight monetary policy stance, including aggressive liquidity management operations.”
“Given these considerations, the Committee decided to maintain the Monetary Policy Rate at 29.0 percent,” Addison said.
Watch the press briefing in the attached video clip below:
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