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Business News Fri, 20 Sep 2019

Ghana records strong economic growth – BoG Governor

Ghana is currently experiencing strong economic growth, Dr Ernest Addison, Governor of the Bank of Ghana (BoG), has said.

This is as a result of the continued implementation of growth-oriented government flagship projects, he said.

Speaking during the Monetary Policy Committee (MPC) meeting in Accra on Friday 20th September 2019, he said: “On the domestic front, the Committee observed that growth remains strong and the medium-term outlook is positive.

“The medium-term outlook is expected to be driven by improvements in business sentiments, and expectations of increased production in the oil and gas and mining sectors, and the continued implementation of growth-oriented government flagship projects.”

He added: “On inflation, the Committee’s view was that the pace of disinflation had slowed somewhat.

“The recent underlying inflation trends gauged by the core inflation and weighted inflation expectations all showed some uptick in August 2019.

“This gives some indications of emerging pressures coming mainly from the recent upward adjustment of utility tariffs, ex-pump prices and transport fares.

“The second round effects of these administrative measures would have to be monitored closely over the next quarter.”

The Committee, he said: “has decided to keep the Monetary Policy Rate at 16.0 percent while monitoring developments going forward”.

Source: laudbusiness.com