The Monetary Policy Committee of the Bank of Ghana hiked its policy rate by 100 basis points to 28% last week with the objective to tame inflation.

Speaking at his first Monetary Policy Committee (MPC) press conference, the Bank of Ghana Governor, Dr. Johnson Asiama, attributed this action to current economic uncertainties influenced by external developments and concerns of inflation going up.

"As inflation becomes firmly anchored, the Committee will reassess the scope for a gradual easing in the policy stance", the Governor pointed out.

While headline inflation has declined marginally, Dr. Asiama said it remains a concern.

According to him, both food and non-food inflation are significantly above expectation, and core inflation remains elevated.

The decision by the Central Bank to hike the policy rate was a result of a 3-2 decision by the members pf the MPC.

As promised by the Governor, the decision would be made public henceforth.

Below is the MPC Decision Statement