The Monetary Policy Committee of the Bank of Ghana (BoG) has reduced the policy rate by 350 basis points to 21.5 percent from 25 percent.
The Governor of the Bank of Ghana, Dr. Johnson Asiama made the announcement after the 126th meeting of the committee.
He explained that the committee is forecasting inflation to fall again by the end of the fourth quarter.
“The view of the committee was that inflation was will continue to ease in the near term, in the outlook, headline inflation is expected to drop within the medium of 8plus minus 2 percent by the end of the fourth quarter”, he said.
The Governor however warned that the possible upward review of utility tariffs could exert some prices pressures in the medium term which could impact the inflation rate.
Notwithstanding this, Dr. Asiama said majority of the committee members voted to lower the policy rate to 21. 5 percent from the 25 percent.
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