BoG maintains policy rate at 28% to anchor growth

The Bank of Ghana aims to meet its inflation target of 12 percent by year-end.

Governor Dr. Johnson Pandit Asiama stated that the monetary policy will remain at 28 percent. This decision supports the current economic growth in Ghana.

The Monetary Policy Committee met from May 21 to May 23. They decided to keep the policy stance unchanged at 28 percent. This is intended to encourage growth in economic indicators.

Dr. Asiama noted that forecasts show easing inflationary pressures ahead. This is due to a tight monetary policy, stable exchange rates, and fiscal consolidation.

Regarding the Ghana Cedi's rebound, he acknowledged concerns about its rapid appreciation. However, measures are in place to ensure currency stability.

He credited the Cedi's stability to several factors: a tight monetary stance, fiscal consolidation, record reserves, and strict forex market rules.

Dr. Asiama remains confident that Ghana will achieve its inflation target of 12 percent by the end of 2025.

Story by: Derrick Adotey