The Monetary Policy Committee of the Bank of Ghana has voted to maintain the policy rate at 13.5percent, the central bank governor Dr. Ernest Addison announced on Monday.
The decision, Dr. Addison said, was arrived at as inflation showed no signs of shooting up beyond the target of the central bank.
In a press statement issued after the meeting, the Bank said: “Headline inflation has eased sharply and reverted within the medium-term target band, driven mainly by the tight monetary policy stance and some base drift effects.
The latest forecast remains broadly unchanged with inflation projected to remain within band and around the central path in the forecast horizon barring any upside risks from fiscal pressures.
On the whole, the Committee assessed that the risks to inflation and growth were broadly balanced and decided to keep the policy rate at 13.5 percent.”
According to the Ghana Statistical Service, inflation for the month of June climbed up marginally to 7.8 percent slightly above the 7.5 percent recorded in May.