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Bank of Ghana lowers policy rate by 100 basis points to 13.5%

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Governor of the Bank of Ghana, Dr. Ernest Addison

The central bank’s Monetary Policy Committee (MPC) has lowered the policy rate by a 100 basis point at 13.5 percent from 14.5 percent.

Announcing the decision at its 100th MPC press conference, Governor of the Bank of Dr. Ernest Addison on May 31 said this was based on risks to the country’s inflation outlook remaining muted in the near term.

He added that consumer inflation is expected to remain within the central bank’s target band of 8% plus or minus two percentage points in the next quarter after falling to 8.5% in April 2021 due to lower food price inflation.

“Risks to the inflation outlook remain muted in the near-term under these circumstances, the (Monetary Policy Committee) decided to lower the monetary policy rate by a hundred basis points to 13.5%,” the governor said.

The Governor pointed that his outfit will however monitor inflationary pressures on key sectors of the economy.

Source: www.ghanaweb.com

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