Monday, 22 July

BoG maintains policy rate at 30%

Business
Dr Ernest Addison - Governor BoG

The Bank of Ghana has opted to maintain the monetary policy rate at 30 percent following a thorough review of economic developments.

This decision ensures that the lending rate within the country will remain stable.

Remarkably, this marks the second instance in the year where the Central Bank has maintained this rate, replicating a similar decision made in May 2023.

Earlier in July, the rate had been increased by 50 basis points due to inflationary pressures. However, the market sentiment shifted towards retaining the policy rate after observing a moderation in inflation during the month of August.

In his address during the 114th Monetary Policy Committee meeting on Monday, September 25, 2023, Dr. Ernest Addison, Governor of the Bank of Ghana, underscored that the decision to keep the policy rate unchanged is geared towards expediting the process of disinflation, considering the ongoing global pressures.

Source: Classfmonline.com