BoG keeps policy rate unchanged at 30%

Governor of the Central Bank, Dr Ernest Addison attributed the decision to all core inflation measures trending downwards, indicating continued easing of underlying inflationary pressures.

He added that a one-year ahead survey-based inflation expectations seem well anchored.

"While the disinflation process has resumed, which should result in a gradual return towards the target band over the medium-term barring unanticipated shocks, rising international crude oil prices and adjustments to utility tariffs remain a risk to the inflation outlook which would have to be managed through monetary policy vigilance."

"Given these considerations, the Committee decided to maintain the policy rate at 30.0 percent. The Committee further indicated that while the expectation is for continued disinflation, it stands ready to respond appropriately should inflation deviate from these broad expectations."

Dr. Ernest Addison made this known at the 114th MPC press conference held in Accra on September 25, 2023.

MA