Daily Banking News
$42.39
-0.38%
$164.24
-0.07%
$60.78
+0.07%
$32.38
+1.31%
$260.02
+0.21%
$372.02
+0.18%
$78.71
-0.06%
$103.99
-0.51%
$76.53
+1.19%
$2.81
-0.71%
$20.46
+0.34%
$72.10
+0.28%
$67.30
+0.42%

Ghana Holds Key Interest Rate at Amid Inflation Pressures


Ghana’s central bank held its benchmark interest rate for a sixth consecutive meeting as it monitors the impact of new tax measures on inflation.

The monetary policy committee held the rate at 14.5%, the central bank said Monday in an emailed statement. That matched the forecast of all five economists in a Bloomberg survey.

Inflation in the West Africa nation has been above the central bank’s target range of 6% to 10% for most of the past year as food prices surged due to supply constraints caused by restrictions to curb the spread of the coronavirus. The Bank of Ghana expects the rate of price growth to be back in target in the second quarter of this year, it said in the statement.

Short-Term Pressures

“Risks to inflation in the near-term are broadly balanced, but there are emerging short-term pressures emanating from the rising crude oil prices and the direct and secondary price effects of the revenue measures announced in the 2021 budget,” the MPC said in the statement. Monetary policy would need to remain vigilant to monitor these risks, it said.



Read More: Ghana Holds Key Interest Rate at Amid Inflation Pressures

Get real time updates directly on you device, subscribe now.

Subscribe
Notify of
guest
0 Comments
Inline Feedbacks
View all comments

Get more stuff like this
in your inbox

Subscribe to our mailing list and get interesting stuff and updates to your email inbox.

Thank you for subscribing.

Something went wrong.