The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate to 28 percent.
This is up from the earlier rate of 27%.
This was announced by the governor of the BoG at the 110th MPC Press conference in Accra on Monday, January 30.
The upward adjustment reflects the increasing rate of inflation which hit a record high of 54.1% in December last year.
“In the interim, the MPC sees the need to remain vigilant and moderate liquidity in the system to underpin macroeconomic adjustments taking place to drive inflation on a downward path.
“Under the circumstances, the Committee decided to increase the policy rate by 100 basis points to 28%”, the MPC chaired by the Governor of the Bank of Ghana, Dr. Ernest Addison revealed.
By Laud Nartey|3news.com|Ghana