Economic conditions improving – BoG

Governor of the Bank of Ghana, Dr Ernest Addison, has said economic conditions were gradually rebounding.

He said the exchange rate was stabilizing with the high inflation rate taking a nose dive a signal of a strong economy.

Dr Addison said the overall improvement of the macroeconomic conditions with relatively strong economic growth and a drop in inflation in August led to the maintaining of the policy rate at 30%.

Speaking at a press conference in Accra on Monday, September 26, 2023, Dr Addison said, “These developments provide evidence that the policy mix under the three-year IMF Extended Credit Facility (ECF) is beginning to yield results.”

He said the strong growth outturn observed in the first half of 2023 is expected to continue in the third quarter.

“The results from the confidence surveys so far also indicate continued improvement in business and consumer sentiments influenced by the relative stability in the Ghana cedi, and more recently the resumption of the disinflation process,” the Bank of Ghana Governor said.

BoG maintained the monetary policy rate at 30 per cent after reviewing developments in the economy.

This means that the lending rate in the country will remain steady.

It is the second time the central bank has held the rate in a year after doing the same in May 2023.

SA/NOQ

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