Africa-Press – Ghana. The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept the Policy Rate at 30 percent.
Addressing a press conference in Accra on Monday, September 25, Governor of the Bank of Ghana, Dr Ernest Addison said that on inflation dynamics, the continued maintenance of a tight monetary policy stance and relative exchange rate stability have contributed significantly to the disinflation process observed in the year thus far.
Headline inflation has declined by a cumulative 14.0 percent since the peak of 54.1 percent recorded in December 2022, he said.
Non-food inflation has also declined sharply by close to 20 percent, broadly reflecting the effectiveness of monetary policy.
All core inflation measures, monitored by the central bank are trending downwards, indicating continued easing of underlying inflationary pressures. In addition, one-year ahead survey-based inflation expectations seem well anchored.
While the disinflation process has resumed, which should result in a gradual return
towards the target band over the medium-term barring unanticipated shocks, rising
international crude oil prices and adjustments to utility tariffs remain a risk to the
inflation outlook which would have to be managed through monetary policy vigilance.
“Given these considerations, the Committee decided to maintain the policy rate at
30.0 percent. The Committee further indicated that while the expectation is for
continued disinflation, it stands ready to respond appropriately should inflation
deviate from these broad expectations,” Dr Addison said.
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