Bank of Ghana maintains policy rate at 26%

By: Fred Yaw Sarpong

The Monetary Policy Committee (MPC) of the Bank of Ghana has maintained the policy rate at 26% due to high inflationary rate.

The policy rate is a benchmark the central bank lends to the commercial bank. It is base on the policy rate that the commercial bank also fix their lending rates.

At a news conference on Monday, the committee led by the Governor of the central bank, Dr. Henry Kofi Wampah said the committee expects the slower pace of price changes to continue and steer inflation down towards the medium target band of 8+2%.

According to Dr. Wampah, there are upside risks to the inflation outlook which include uncertainties regarding the second round effects of the unanticipated petroleum price adjustments, exchange rate developments as well as worsening external financing conditions.

“These risks would however be moderated by lower crude oil prices, and improvements in the energy situation,” said the Governor.

In assessing the economic conditions, the committee noted that the police tightening in the September and November last year’s meeting took into account the expected increases in utility prices and the normalization of monetary policy in the US.

“It further observed that the transmissions of these impulses are still working through the system,” Dr. Wampah noted.

Dr. Wampah said “notwithstanding the unanticipated adjustment in petroleum prices and its possible pass through effects, our inflation forecast horizon remains broadly unchanged for the delivery of the medium term target of 8+2% in early 2017, barring any further unanticipated shocks.”

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