- BoG has demonstrated economic foresight
- The decision follows a macroeconomic performance
- It underscores a judicious strategy
The Bank of Ghana (BoG) has demonstrated economic foresight and stability by maintaining the policy rate at 29% for the third consecutive time, as announced by the Monetary Policy Committee (MPC) under the leadership of Governor Dr. Ernest Addison.
This decision, made on July 26, 2024, follows a thorough assessment of the country’s macroeconomic performance over the past two months.
Despite a 100 basis points reduction in January 2024, the policy rate remains unchanged, reflecting the BoG’s measured approach to maintaining financial stability and fostering optimal conditions for economic growth.
This decision is expected to promote predictability in the financial sector, leading to stable lending rates for businesses.
The Central Bank’s steadfast maintenance of the policy rate creates a conducive environment for corporate borrowers, demonstrating a commitment to sustaining economic activity and business viability.
Governor Dr. Ernest Addison emphasized the need to balance economic expansion and inflationary pressures during the 119th MPC press briefing.
The BoG’s decision underscores a judicious strategy aimed at safeguarding the nation’s economic resilience amidst market fluctuations and global uncertainties, showcasing the Central Bank’s dedication to prudent economic management.
