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Newly- appointed governor of the Bank of Ghana, Dr. Abdul Issahaku has maintained the monetary policy rate for the third consecutive month at 26%.
“Our committee has decided to maintain the policy rate at 26 percent…whatever decision we take is to steer inflation towards our medium term target of 8 percent plus or minus 2.”
The Central bank has been missing its inflation target for some time now.
READ MORE:Bank of Ghana maintains Policy Rate
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The inflation rate has been maintained at 26% since January 2016, which signals stabilisation of the local currency according to some financial experts.
The Governor was also confident that the inflation target of 8% will be achieved, despite the current rate of April being 19.7%.
“Recent developments in prices remain in line with our own earlier forecast that inflation will peak the first quarter of 2016 and decline thereafter. It is supported by a continuous policy tightness and stability in the local currency,” he stated.