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The Bank of Ghana has opted to maintain the monetary policy rate at 30 percent following a thorough assessment of economic developments. Consequently, this decision implies that the lending rate in the country will remain unchanged. This marks the second instance in the current year that the Central Bank has chosen to keep the rate stable, having previously done so in May 2023.
This decision comes after a 50 basis point increase in the rate in July, driven by inflationary pressures. However, in light of the easing of inflation during the month of August, the market sentiment has shifted towards the retention of the policy rate.
Dr. Ernest Addison, the Governor of the Bank of Ghana, conveyed this decision during the 114th Monetary Policy Committee meeting on Monday, September 25, 2023. He explained that the Central Bank’s choice to maintain the policy rate is aimed at expediting the process of disinflation, particularly in response to ongoing global economic pressures.
Source: Omanghana.com
