- HOW TEMANE-MAPUTO ELECTRICITY TRANSMISSION LINE PROJECT IS GOING THROUGH TEST IN MOZAMBIQUE
- NAMIBIA INAUGURATED FIRST PLASTIC RECYCLING PLANTS
- PROGRESS MADE ON PIIM PROJECTS AS OVER 85% COMPLETED IN ANGOLA
- WORLD BANK KICK-OFF INSPECTION OF USMID PROGRAM IN UGANDA
- ALGERIA MINISTER RECIEVED HARBOR ENERGY CEO OVER ENERGY PARTNERSHIP
GHANA MAINTAINS POLICY RATE
Bank of Ghana maintains policy rate at 20%
After the conclusion of the Monetary Policy Committee (MPC) meeting held yesterday (January 22, 2018) by Bank of Ghana, it was announced that Ghana’s central bank would maintain its policy rate of 20%.
The Central Bank Governor, Dr Ernest Addison explained that the decision was reached to help keep inflation at a stable rate.
He further added that a trend decline in the headline and core inflation allowed for a 550 basis point reduction in policy rate and the committee observed some emerging pressures from the cut. To maintain the inflation target horizon and to ensure that the medium-term inflation of eight plus or minus 2 is achieved this year, the committee decided to maintain the policy rate at 20 percent.
Because of continued improvement in the economic fundamentals, the economic activity has picked up significantly, the private sector credit growth is recovering, and the non-oil sector of the economy is also rebounding after an initial sluggish performance.