The Bank of Ghana's Monetary Policy Committee held the country's policy rate at 29.00% at its July 2024 meeting. The decision was announced on 26 July 2024.
Ghana's headline inflation stood at 22.8% in June 2024, a level cited by the MPC as central to its deliberations. The figure is down from peaks above 50% recorded in 2022 and 2023 but remains above the Bank of Ghana's medium-term target of 8%, with a tolerance band of plus or minus 2 percentage points.
POLICY STANCE
The Bank of Ghana characterised its posture as cautious.
The cedi fell 19.6% against the dollar between the start of 2024 and 19 July, and Ghana is implementing an IMF-supported economic programme following the sovereign debt restructuring the country entered in 2022. The MPC's decision to hold rates reflects its assessment that risks to the inflation outlook were tilted slightly to the upside, given recent exchange rate pressures, higher utility tariffs and fuel price increases.
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