The Bank of Ghana (BoG) has maintained the monetary policy rate at 27%.
The central bank explained that the decision to maintain the rate at 27% is to counter elevated inflation risks and support the country’s ongoing economic recovery efforts.
Addressing the first Monetary Policy Committee press briefing for 2025, Governor Dr. Ernest Addison disclosed that the bank has in place measures that will address underlying inflationary pressures and global economic uncertainties.
The Governor who addressed the press conference at the bank’s new headquarters—Bank Square—said: “The inflation profile remains elevated largely driven by food price movement, especially, in the last quarter of the year. The climate factors including dry spells in some parts of the food-growing communities of the country and the last onset of rains negatively affected production.
“While the supply chain weakens generally affected food prices. While the inflation outturn for 2024 deviated from the target, it is expected that the disinflation process will resume contingent on renewed efforts at fiscal consolidation which is anticipated in the new administration economic policy agenda and the yet-to-be-presented 2025 budget statement.
“The bank’s latest inflation focus shows a steady decline and returns to the path of disinflation with an extended time of rising in achieving the medium target of 8+- 2%,” he added.
By: Rainbowradioonline.com/Ghana
