Josiah
The Monetary Policy Committee (MPC) of the Bank of Ghana has decided to maintain the Policy Rate at 27 percent.
The announcement was made by the Chairman of the MPC and Governor of the Bank of Ghana, Dr. Ernest Addison, during the 122nd MPC press conference held in Accra.
In his address, Dr. Addison pointed to improved macroeconomic conditions both globally and domestically as key factors influencing the decision to hold the monetary policy rate steady. He also noted an increase in customer and investor confidence in Ghana’s economy and banking sector as contributing factors.
Dr. Addison explained that global financial conditions are gradually easing as monetary policy in advanced economies becomes more accommodative, with inflation targets being met and expectations stabilized.
He also acknowledged the rise in inflation in the final quarter of 2024, indicating that discussions on measures to address this challenge are yet to take place. Despite this, Dr. Addison expressed optimism that Ghana could achieve single-digit inflation by 2026 if government policies continue to support economic growth.
Additionally, he emphasized the central bank’s commitment to intensifying its supervisory activities to further strengthen confidence in the banking sector and the economy at large.
Dr. Addison remains confident that the steady improvement in global economic conditions, which has prompted more accommodative monetary policy stances worldwide, will continue in the coming months.
Source:Omanghana.com
