BoG rules out immediate plan to check excess money in circulation

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The Bank of Ghana says it would not move to aggressively reduce the amount of monies in circulation.

The general price levels of goods and services have increased sharply over the past months, after a brief hold up in July.

It currently stands at 11.9 percent for the month of September.

Analysts are predicting that this could see consumers paying more for their goods and services in the coming months.

It’s been suggested that the Central Bank has often intervened to reduce money in circulation to contain the situation.

But First Deputy Governor of the Central Bank , Millison Narh tells Joy Business they would not go that way.

“We are aware of the supply side to the increases …we are watching, taking the appropriate measures but we are not going to tighten the monitory policy on the basis of supply side shorts.”

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