BoG maintains 16% policy rate

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has maintained its policy rate at 16 per cent.

Announcing the decision, the Governor of the BoG, Dr Ernest Addison said growth remains relatively strong and the negative output gap seems to be closing, although at a relatively modest pace.

“Overall GDP growth for 2018 is projected at 5.6 per cent, while non-oil GDP is projected to expand at 5.8 per cent. With an average growth of 6.1 per cent for the first three quarters of 2018, the broad expectation is that the annual target of 5.6 per cent will be realised. For 2019, GDP growth is projected at 7.6 per cent”.

He disclosed the committee had “observed that there are risks to the outlook, which would have to be monitored very closely” thus “overcoming these risks would require vigilance and time-consistent policy actions” Dr. Addison said at a press conference on Monday, 1 April 2019.

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