Following the rising rate of inflation, the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) took some critical decisions including increasing the policy rate by 200 basis points to 19 percent at its meeting on Monday May 23.
Addressing a press conference in Accra on Monday May 23, Governor of the Bank of Ghana Dr Ernest Addison said “Despite the improvement in the trade balance due to favourable commodity prices, the external sector has weakened somewhat due to developments in the capital and financial account.
“The domestic economy does not fully benefit from higher oil and gold prices due to retention agreements in these sectors.”
Read below the highlights from the meeting…
