Ghana Keeps Interest Rate at 27% to Boost Economic Growth
Bank of Ghana has kept its main interest rate at 27.00% in a decision announced on Monday by the monetary policy committee. The country seeks to boost economic growth amidst a tight consumption price index.
In an official statement, the Bank of Ghana monetary policy committee chaired by Governor Dr Ernest Addison highlighted improved macroeconomic conditions in the domestic economy. At the global level, the hawkish stance has begun to decline as preference has been given to economic growth amidst uncertainties.
Accra maintained its benchmark monetary policy rate steady at 27% on January 27th, 2025, keeping borrowing costs at their highest since March 2018 for a second meeting. Governor Addison said that inflation remained elevated, “largely driven by food prices, especially in the last quarter of the year.”.
The country’s annual consumer inflation increased marginally for the fourth straight month to 23.8% in December 2024, the highest level since April 2024. However, Addision noted that Ghana’s banking sector continues to remain profitable and well capitalised. He said that investor confidence in Ghana’s economy has improved. The policy committee justified its policy decision on easing monetary policy play at the global level.
“Global economic conditions broadly improved in 2024, which has led to easing MPC stances across the world,” Bank of Ghana leadeship added. #Ghana Keeps Interest Rate at 27% to Boost Economic Growth Edun Highlights Nigeria’s Leadership in Africa’s Energy Transition
