Bank of Ghana keeps policy rate unchanged at 29% after 119th meeting

The Monetary Policy Committee of the Central Bank of Ghana has decided to keep the policy rate unchanged at 29% following its 119th scheduled meeting.

This marks the third consecutive time that the BoG has maintained the policy rate at 29% for this year.

Governor of the Central Bank, Dr. Ernest Addison, cited risks to inflation as being tilted towards the upside.

"On domestic price developments, there is some uncertainty regarding the inflation path for the year, given recent exchange rate pressures, upward adjustment in utility tariffs and increases in ex-pump fuel prices," the governor said.

"The above developments have resulted in a slightly elevated inflation profile for the year. Even though inflation is expected to remain within the target year band, the risks are tilted slightly on the upside. This will require maintaining the strong monetary policy stance supported by strong fiscal consiolidation efforts including remaining vigilant to ensure that the end year inflation objectives are achieved," he explained.



MA/NOQ