BANK OF GHANA RAISES POLICY RATE TO 30%

 The Bank of Ghana's Monetary Policy Committee lifted the policy rate by 50 basis points to 30% on Monday citing inflation risks. 

According to Dr. Ernest Addison, the governor of the central bank, the second-round impacts of rising food prices continue to pose a significant risk to the inflation profile. 

After the 113th Monetary Policy Committee (MPC) meetings, which took place from Wednesday, July 19, to Friday, July 21, 2023, the governor was giving a news conference. 

The Committee discussed recent domestic and international macroeconomic developments, including the start of the Extended Credit Facility program for the first half of 2023, and evaluated inflation outlook concerns