Bank of Ghana keeps policy rate at 14%
Headline inflation, at 5 per cent in August, is well below the lower bound of the 8±2 per cent band
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has kept the policy rate at 14%.
This was announced by the chair of the MPC, Governor Dr Johnson Pandit Asiama, in Accra during the 132nd MPC press conference on Thursday, September 24.
He stated that headline inflation, at 5 per cent in August, is well below the lower bound of the 8±2 per cent band despite domestic cost pressures in housing, transport and services, with exchange rate stability containing imported inflation and expectations easing across all surveyed groups.
The average banking lending rate declined by 15.9 per cent. Private sector credit growth rebounded.
The banking sector, he said, remained solvent, profitable and liquid.
Regarding the Non-Performing Loan Ratio, he said that it declined to 15.7 per cent.
On the global scene, Dr Asiama said that global tensions have constricted global supply chains.
On the domestic front, he said, the committee observed continued economic resilience activities.
The committee by a unanimous decision, maintained 14%