Following a comprehensive review of economic developments, the Bank of Ghana has chosen to maintain the monetary policy rate at 30 percent.
As a result, lending rates within the country will remain unchanged. This decision marks the second instance in the current year where the Central Bank has opted to retain the rate, the previous being in May 2023.
In July, there was a 50-basis-point increase in the rate in response to inflationary factors. However, the tide shifted towards keeping the policy rate stable following a decline in inflation for the month of August.
During the 114th Monetary Policy Committee meeting held on Monday, September 25, 2023, Dr. Ernest Addison, the Governor of the Bank of Ghana (BoG), emphasized that this decision is aimed at expediting the disinflation process, particularly considering ongoing global pressures.
