The Bank of Ghana (BoG) has assured consumers of tangible relief in prices in the coming months. This assurance follows the Central Bank’s decision to maintain its key policy rate at 28% to support the country’s ongoing disinflation efforts.
Speaking at the conclusion of the 124th Monetary Policy Committee (MPC) meeting held in Accra, BoG Governor and MPC Chairman, Dr. Johnson Asiama, said the Central Bank will maintain its tight policy stance until inflation falls closer to its medium-term target.
“Despite these positive developments, the committee observed that the current level of inflation remains high relative to the medium-term target and will require maintaining the tight stance to reinforce the disinflation process,” Dr. Asiama stated.
“Under the circumstances, the Committee, by a unanimous decision, maintained the policy rate at 28.0 percent.”
Dr. Asiama disclosed that the central bank is now targeting an end-of-year inflation rate of 11.9%, reflecting its medium-term objective to return inflation to single digits.
“We don’t have a magic wand, but we believe we are well on track to meet our inflation target of 11.9%,” he noted during the press briefing.
He also expressed optimism that the continued appreciation of the cedi, coupled with improving macroeconomic conditions, would lead to tangible relief for consumers.
“We believe the positive trend in the exchange rate will soon reflect in utility tariffs as well, helping sustain the downward path of inflation,” Dr. Asiama said.
“Rest assured, you will certainly see adjustments in prices.”
The next Monetary Policy Committee meeting is scheduled to begin on Wednesday, July 21, 2025, and conclude on Friday, July 25, with the BoG set to announce its next policy rate decision at the end of the session.
