Bank of Ghana ready to tame high inflation - Dr Abradu-Otoo

Director of Research at the Central Bank, Dr. Philip Abradu-Otoo, has noted that the Monetary Policy Committee of the Bank of Ghana (BoG) is ready to tame inflation should it skyrocket.

According to him, the Monetary Policy Committee of the Bank of Ghana maintained the policy rate at 30.0% to manage the economic fluctuations.

Speaking at the opening of a regional course organised by the West African Institute for Financial and Economic Management with support from the International Monetary Fund, Dr. Philip Abradu-Otoo stressed that whiles the expectation is for continued disinflation, the committee stands ready to respond appropriately should inflation deviate from its broad expectations.

He said, “Because of the current global and domestic macro-economic developments, the Monetary Policy Committee of the Bank of Ghana decided to maintain the policy rate 30.0% at its recent meeting on 25th September [2023]. The committee assured that while the expectation is for continued disinflation, it stands ready to respond appropriately should inflation deviate from these broad expectations.”

Meanwhile, Ghana’s inflation rate fell from 40.1% in August to 38.1% in September 2023.

This was announced by the Government Statistician, Prof. Samuel Kobina Annim.

He said the decline in inflation was due to a decrease in the prices of food and non-food items.

Food inflation fell from 51.9% in August to 49.4% in September, while non-food inflation fell from 30.9% to 29.3%.

SA/OGB

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