Bank of Ghana maintains policy rate at 16 percent

The Monetary Policy Committee of the Bank of Ghana has voted to maintain its policy rate for the second time running citing inflationary pressures that must be controlled.

Speaking at the MPC press briefing on Monday, Dr. Ernest Addison said the MPC’s decision became necessary to sustain the gains the committee had made over the past two or so years.

He mentioned that the exchange rate performance since the beginning of the year put pressure on the prices of goods and services and the BoG’s decision was to keep its rate unchanged to ensure that inflation does not inch up further.

April’s inflation rose to 9.5 percent, the third month since the beginning of the year that consumer prices have gone up.