Bank of Ghana applauds decline in inflation

Dr Abdul-Nashiru Issahaku, Governor of the Bank of Ghana (BoG) has hailed the decline in inflation from 19.2 per cent in March to 18.4 per cent in June, this year saying it was a sign that BoG’s inflation targeting policy was on course.

He said “The BoG is conducting policy in a way to bring inflation to its medium-term target of eight per cent, though it will tolerate inflation fluctuations of plus/minus two percentage points from the target’s mid-point”.

Dr Issahaku was speaking during the inauguration of a four-storey lecture hall for the University for Development Studies (UDS) in Tamale on Friday.

The BoG supported UDS to construct the facility, which has 16 lecture halls that can accommodate various class sizes – a 60 seating capacity and a 250 seating capacity, a data centre, laboratories for community nutrition studies, a conference hall and 48 offices that can serve various needs.

Dr Issahaku said “Growth prospects for the rest of the year would be impacted positively by the stability in the foreign exchange market and the continued improvement in consumer and business sentiments, among others”.

He said “In the first six months this year, volatilities in the foreign exchange market subsided significantly alongside relative stability in the local currency, largely supported by tight policy stance and improved foreign exchange inflows”.

He said BoG would continue to be more proactive and solid on price stability issues to avoid spiral effects of inflation.

Dr Issahaku spoke about the lecture hall facility and entreated its managers to carry out consistent and regular maintenance and rehabilitation works on it to prolong its lifespan.

Professor Seidu Al-hassan, Pro Vice-Chancellor of UDS expressed gratitude to BoG for supporting UDS to construct the facility, which would positively impact its academic activities.

Source: GNA