Policy Rate Maintained
The Central Bank has maintained the Monetary Policy Rate at 29%.
The Governor of the Bank of Ghana (BoG), Dr Ernest Addison announced this at a press conference on Friday, July 26, 2024 following a Monetary Policy Committee (MPC) meeting this week.
With the next meeting scheduled to take place from September 25 to 27, 2024, the Committee will be monitoring developments in the economy for the suitable line of action.
The Governor pointed to domestic price development which has seen 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.
This, he said, has 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 consolidation efforts including remaining vigilant to ensure that the end year inflation objectives are achieved.”
He also cited the on-track fiscal policy implementation, strong reserve build-up, stronger GDP growth outturn for the first quarter of 2024 and the upside global economic activity in the first quarter of 2024.
