Bank of Ghana BOG maintains policy rate at 26%

This is due to a  decline in the rate of inflation for the month of  May, which moved from 18.7% in April  to 18.4%.

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The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 26% for the  fourth consecutive time.

This is due to a  decline in the rate of inflation for the month of  May, which moved from 18.7% in April  to 18.4%.

The committee also cited the stability of the local currency as another important decider.

True to the predictions of some financial sector experts, the committee took into consideration the reduction in energy tariffs and as well as marginal increases in  ex-pump prices in the petroleum products.

READ MORE: Cost of Borrowing BOG maintains Monetary Policy Rate at 26%

Governor of the Bank of Ghana, Dr. Abdul Nasir Issahaku emphasized the 26% policy rate is a true reflection of the current happenings in the economy.

The five percent increase in the prices of fuel have been the main cause of the increase in inflation in the first month, hence the maintenance of the policy rate at 26%.”

The monetary policy rate has been maintained at 26% since March 2016 directly in line with stability in the currency market.