The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained the policy rate to be 29% marking the third consecutive time the policy rate of the Central Bank has been held at that 29%.
At the 119th MPC press conference in Accra on Friday, July 26, the Governor of the BoG Dr Ernest Addison said that the decision to maintain the policy rate is part of ongoing efforts to balance economic growth with inflation control in Ghana’s dynamic economic landscape.
Headline inflation per recent data from the Ghana Statistical Service (GSS) declined slightly to 22.8% from 23.1% in May, continuing its disinflation trend from January 2023.
A 100 basis points (1%) reduction to the current 29% policy rate was made in January this year, and since then the BoG has maintained its prime rate at 29%.
The decision comes after a thorough review of the country’s macroeconomic developments over the past two months.
The stability of the policy rate is anticipated to keep commercial banks’ lending rates to businesses unchanged, providing a consistent financial environment for corporate borrowers.
