BoG keeps policy rate at 14.5% for second consecutive time this year

Dr. Ernest Addison, Governor Bank of Ghana

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept the Policy Rate at 14.5 percent for the second consecutive time this year.

The policy rate is the rate at which the central bank lends to commercial banks.

Speaking at a press briefing, the Governor of the Bank of Ghana, Dr. Ernest Addison explained that risks to inflation in the near-term are broadly balanced.

“There are emerging short-term 9 pressures emanating from the rising crude oil prices and the direct and secondary price effects of the revenue measures announced in the 2021 budget”.

“Monetary policy would need to remain vigilant to monitor these risks. 26. Under the circumstances, the Committee decided to keep the policy rate at 14.5 percent,” he added.

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