Ghana: Monetary policy rate held steady at 30%

The Bank of Ghana has maintained the monetary policy rate at 30 per cent after reviewing developments in the economy.

This means that the lending rate in the country will remain steady. It is the second time the Central Bank has held the rate in a year after doing the same in May 2023.

After the rate was hiked by 50 basis points in July due to inflationary pressures, the market turned towards policy rate retention on the back of the ease in inflation for the month of August.

Governor of the Bank of Ghana, Dr. Ernest Addison, while addressing the 114th Monetary Policy Committee meeting said the decision by the Central Bank to stay the policy rate is to quicken the path of disinflation on the back of underlying global pressure.