Bank of Ghana Maintains Policy Rate at 29.5%
The monetary policy committee of the Bank of Ghana (BoG) has maintained the policy rate at 29.5%.
In March, the MPC raised the policy rate by 150 basis points to 29.5%.
The policy rate indicates the interest rate at which the central bank lends to commercial banks in Ghana.
The decision was taken after the committee reviewed the current economic situation as the rate of inflation for April 2023 declined to 41.2%.
“… the committee further noted the significant decline in headline inflation from the beginning of the year … The percentage of items in the CPI (Consumer Price Index) basket with inflation of more than 50% is receding,” Bank of Ghana Governor Ernest Addison told a news conference on Monday (22 May).