Ghana’s policy rate unchanged, still at 12.5%

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) today September 1, 2011 maintained the policy rate at 12.5%, same as the last time the MPC announced in July this year.

Governor of the BoG and chairman of the MPC, Mr. Kwesi Amissah-Arthur who announced this in a news conference told reporters that “the pace of economic activity has picked up, consumer confidence has improved and expectations about macroeconomic conditions are positive.” He said for these factors the rate was maintained.

Inflation expectations are well-anchored and have stabilized along the single digit path, supported by favourable food prices, he adds.

Ghana’s inflation rate dropped by 0.20 percentage points to close at 8.39% at the end of July 2011, down from 8.59% recorded in June 2011. It is the lowest inflation rate for the country in 19 years

By Ekow Quandzie