Monetary Policy Committee holds rate at 14.5%, sighting marginal threats to economic outlook

Governor of the Bank of Ghana, Dr Ernest Addison

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has left its policy rate unchanged at 14.5%.

According to the Central Bank, this was due to some marginal threats to the country’s growth outlook.

It also cited risks to Inflation in the near-term as broadly balanced, but there are emerging short-term pressures emanating from the rising crude oil prices.

The committee also expressed worry about the impact of direct and secondary price effects of the revenue measures announced in the 2021 budget.

It, however, added that despite these concerns, the banking sector remains well-positioned to continue with the core objective of financial intermediation, to support the ongoing recovery process”.

The committee emphasised that banks would sustain strong performance under mild to moderate stress conditions.

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Bank of Ghana

Dr Ernest Addison

Monetary Policy Committee