“Bank of Ghana Increases Policy Rate to 30%”

On Monday (24 July), during the media address, Dr. Ernest Addison, the Governor of BoG (Bank of Ghana), emphasized the necessity of taking decisive action to address the inflation issue, which has increased for two consecutive months.

The committee believes that inflation risks are high due to the impact of food prices. Inflation has remained at approximately 42% in the second quarter of 2023, despite the elimination of central bank financing in the first half of the year. To stabilize inflation expectations, Ghana’s macroeconomic framework needs significant tightening from both fiscal and monetary policies, aiming for a steady decline in inflation.

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