Source: newsthemegh.com
The Bank of Ghana decided to keep the monetary policy rate at 30% after carefully analyzing the state of the economy.
As a result, this choice means that the nation’s loan rate won’t alter.
After doing so in May 2023, this is the second time this year that the Central Bank has decided to hold the rate constant.
This choice follows a rate increase of 50 basis points in July that was brought on by inflationary pressures.
However, because of the decrease in inflation during August, market sentiment has turned in favor of keeping the policy rate.
This choice was announced by Dr. Ernest Addison, Governor of the Bank of Ghana, on Monday, September 25, 2023, at the 114th Monetary Policy Committee meeting.
He clarified that the Central Bank’s decision to keep the policy rate is intended to hasten the process of disinflation, especially in response to persistent pressures on the world economy.