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Monetary Policy Committee BoG maintains policy rate at 22%

The Bank of Ghana's Monetary Policy Committee fixes the rate at which banks do business

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Dr Henry Wampah — Governor, Bank of Ghana play

Dr Henry Wampah — Governor, Bank of Ghana

The Bank of Ghana has maintained its policy rate at 22 per cent.

This was announced on Wednesday, July 15 at the end of the Bank’s 65 regular meeting of its Monetary Policy Committee (MPC).

According to our reporter, the rate was maintained mainly as a result of continuous rise in inflation.

The inflation margin has been on a rise since the start of the year with the figure predicted to reach 17.1 per cent at the end of this month.

At the last MPC meeting in May, the Governor of the Central Bank, Dr. Henry Kofi Wampah, increased the policy rate by 100 basis points, suggesting then that exchange rate pass-through and a possible adjustment in energy and utility prices are what influenced the decision.

The same factors may have been taken into consideration especially with analysts fingering the appreciation of the local currency in the currency market.

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