BoG maintains policy rate at 29%

For the third consecutive time, the Bank of Ghana (BoG) has maintained the Monetary Policy Rate at 29%.

This benchmark interest rate, which influences commercial bank lending rates, was kept unchanged after the BoG's 119th meeting.

BoG Governor Dr. Ernest Addison cited downward trends in core inflation and inflation expectations but stressed the need for vigilance due to macroeconomic uncertainties.

Despite stronger-than-expected GDP growth and resilient economic activity, consumer and business confidence declined due to exchange rate depreciation and high food prices.

The BoG aims to maintain economic stability and meet end-year inflation targets through a strong monetary policy stance.