Bank of Ghana continues to maintain policy rate at 15%

The Bank of Ghana today September 12, 2012 left its lending rate unchanged at 15%.

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) announcing the rate, explained that inflation has remained within the target range while the exchange rate depreciation “appear” to be muted.

The central bank says its end of year inflation forecast indicates “inflation will continue to remain within the target band”.

“Given these assessments, the MPC is of the view that risks to inflation and growth outlook are fairly balanced,” MPC Chairman and acting governor Dr Kofi Wampah told the press.

“…the Committee has decided to leave the policy rate unchanged at 15%,” Dr Wampah announced.

Inflation

The Ghana Statistical Service (GSS) today also announced an unchanged inflation rate of 9.5% for the month of August 2012.

Baah Wadieh, acting deputy Government Statistician, told a news conference that food inflation was 4.4%, tempering the overall rate of consumer price increases, the Reuters reported.

By Ekow Quandzie