BoG maintains policy rate at 29%

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) in January reduced its policy rate from 30% to 29%

The monetary policy committee of the Bank of Ghana (BoG) has maintained the policy rate at 29%.

The policy rate indicates the rate at which the central bank lends to commercial banks in Ghana.

The decision was taken after the committee reviewed the current economic situation as the rate of inflation for February 2024 declined to 23.2%.

Speaking at a media briefing in Accra on Monday (25 March), the governor of BoG Ernest Addison said inflation risks were still on the upside and required close monitoring.

“After decelerating sharply in 2023, the pace of disinflation has slowed in the first two months of the year. Although inflation rose slightly in January 2024 and edged down in February, the latest inflation forecast suggests a slightly elevated profile from the possible upward revision in transport fares, adjustment in utility tariffs, higher ex-pump prices, and some pass through of exchange rate depreciation.”

“Overall, risks to inflation are slightly on the upside and will require close monitoring. Given these considerations, the Committee decided to maintain the Monetary Policy Rate at 29.0 percent,” Addison said.

Reporting by Fred Dzakpata in Accra
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