BoG sustains policy rate at 13.5 percent

Bank of Ghana’s (BoG) Monetary Policy Committee has sustained the policy rate at 13.5 percent.

The policy rate is termed as the rate at which the central bank lends money to commercial banks in the country.

This announcement was made at a press briefing by Dr. Ernest Addison, who is the Governor of the Bank of Ghana as well as the chairman of the committee.

According to him, headline inflation has eased sharply and reverted within the medium-term target band, driven mainly by the tight monetary policy stance and some base drift effects.

“The latest forecast remains broadly unchanged with inflation projected to remain within band and around the central path in the forecast horizon barring any upside risks from fiscal pressures,” he stated.