BoG maintains policy rate at 30%

The Bank of Ghana has maintained the monetary policy rate at 30 percent after reviewing developments in the economy.

This means that the lending rate in the country will remain steady.

It 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.

The Governor of the Bank of Ghana, Dr. Ernest Addison, while addressing the 114th Monetary Policy Committee meeting on Monday, September 25, 2023, said the decision by the Central Bank to keep the policy rate is to quicken the path of disinflation on the back of underlying global pressures.

Source: CitiNewsRoom