BoG maintains policy rate at 14.5 percent to close the year

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Development
Photo: Dr. Ernest Addison, Governor Bank of Ghana

The Monetary Policy Committee(MPC) of the Bank of Ghana(BoG) has maintained the policy rate at 14.5 percent.

The Governor of the Bank of Ghana, Dr. Ernest Addison made the announcement at a press conference in Accra.

According to him, “the macroeconomic conditions have generally improved relative to conditions at the time of the last MPC meeting in September 2020”.

He added that global conditions continue to be supportive, while domestic inflation is easing, and growth prospects improving.

“The current account deficit is stable, remittances inflow has remained firm, the exchange rate has been stable and reserve buffers continue to remain strong”.

He however stated that the key risks are the evolution of the budget deficit and the financing needs to support budget implementation and the uncertainty surrounding the COVID 19 pandemic.

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