BoG policy rate hike of 28%, here is MPC Decision Statements

The Bank of Ghana's Monetary Policy Committee raised its policy rate by 100 basis points. The new rate is now 28%. This decision aims to control inflation.

At his first press conference, Governor Dr. Johnson Asiama explained the hike. He cited economic uncertainties and rising inflation concerns as reasons for the increase.

Dr. Asiama noted that while headline inflation has slightly decreased, it remains a worry. Both food and non-food inflation are higher than expected. Core inflation also continues to be elevated.

The Central Bank's decision to raise the policy rate was made by a 3-2 vote among MPC members. The Governor promised that future decisions would be publicly announced.

Below is the MPC Decision Statement.