Bank of Ghana holds key interest rate at 13.5%

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ACCRA, Sept 27 (Reuters) – Ghana’s national bank on Monday kept its primary financing cost unaltered at 13.5% with worries over rising expansion offset by hopeful Covid-19 recuperation figures, Governor Ernest Addison said in an assertion.

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The Ghanaian economy developed by 0.4% last year – its slowest rate since 1983. However, it has made strides in 2021, extending 3.1% in the main quarter and 3.9% in the second.

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The bank’s Monetary Policy Committee sees Ghana’s by and large financial viewpoint forging ahead a vertical direction in spite of expansion having ascended for a fourth month straight in August.

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“Improvements keep on highlighting a supported recuperation in financial movement following the slump at the pinnacle of the pandemic,” Addison said.

“Given these contemplations, and the genuinely adjusted dangers to swelling and development in the viewpoint, the advisory group chose to keep the approach rate unaltered,” he added.

Ghana’s shopper value expansion was at 9.7% year-on-year in August, with food swelling, the biggest supporter of the country’s general swelling rate, ascending for a third consecutive month.

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Albeit the swelling rate stays inside the national bank’s designated band of 8% give or take 2 rate focuses, Addison advised that a nearby checking of the circumstance would be important to quickly moderate any effects on neighborhood markets. (Revealing by Christian Akorlie; Writing by Cooper Inveen; Editing by Hugh Lawson)

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