By: Franklin ASARE-DONKOH
Ghana’s central bank, the Bank of Ghana (BoG) has announced that it has maintained its monetary policy rate at 30 per cent after reviewing developments in the economy.
Per this announcement, the lending rate will remain unchanged.
Today’s announcement is the second time the Central Bank has held the rate in a year after doing the same in May 2023.
After the rate was hiked by 50 basis points in July due to inflationary pressures, the market turned towards policy rate retention on the back of the ease in inflation for the month of August.
Addressing the 114th Monetary Policy Committee meeting on Monday, September 25, 2023, the Governor of the BoG, Dr. Ernest Addison, explained that the decision by the Central Bank to stay the policy rate is to quicken the path of disinflation on the back of underlying global pressures