Bank of Ghana keeps monetary policy rate unchanged at 29%

The Monetary Policy Committee of the Bank of Ghana has kept the policy unchanged at 29 percent.

The development, according to Central Bank Governor is based on risks to inflation moving slightly on the upside.

Dr. Ernest Addison told journalists at a press briefing on Monday March 25 that the Central Bank will continue to closely monitor the developments and act if need be.

"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," Dr Addison explained.

"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," he concluded.

The Ghana Statistical Services announced that consumer price inflation (CPI) for February this year eased slightly from 23.5% recorded in January to 23.2%.



MA/NOQ