The Monetary Policy Committee of the Bank of Ghana has maintained the policy rate at 16 percent.
This comes on the back of strong economic activity amid improving consumer sentiments.
The Governor of the Bank of Ghana, Dr. Ernest Addison addressing the media in Accra, on Friday, July 19, 2019, indicated that there are however, risks such as shortfalls in revenue that threatens macroeconomic stability.
He was however, optimistic that the mid-year budget which will be presented next will address these challenges
Touching on the performance of the Cedi, Dr. Addison said the currency depreciated by 8.2 percent in the first half of the year
The policy rate is the rate at which the Central Bank lends to commercial banks.
This is the second time the MPC has left the policy rate unchanged at 16 percent.
According to him, the debt stock was sustainable.
However, he urged that “we should not shy away from the view that there are vulnerability.”
Meanwhile, he announced that the Bank of Ghana has decided to maintain the policy rate at 16 percent, revealing that there was increased confidence in the banking sector.
