Bank of Ghana maintains policy rate at 29%

The monetary policy committee of the Bank of Ghana (BoG) has maintained the policy rate at 29%.

This is the third consecutive time the central bank is maintaining the policy rate at 29% this year.

The decision was taken after the committee reviewed the current economic situation as the rate of inflation for April 2024 declined to 25%.

Speaking at a media briefing in Accra on Monday (26 July, the governor of BoG Ernest Addison said strong monetary stance was needed due to uncertainty over the inflation outlook.

“Even though inflation is expected to remain within the target year band, the risks have tilted slightly on the upside,” Addison said.

He added “This will require maintaining a strong monetary policy stance, supported by strong fiscal consolidation efforts.”

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