BoG Governor, all MPC members voted to keep policy rate at 14%

But a careful look at the decision document again showed that the majority of the members who voted for the rate to be maintained were of the view that keeping the policy rate unchanged would allow the committee to “assess the persistence of recent inflation developments and the potential impact of external shocks on the medium-term inflation path”.

A careful look at the report showed that the majority of these members cited external risks to the economy and concerns about the rising inflation as their major reasons for the rate hold.“For Ghana, these developments could lead to higher imported inflation and renewed pressure on the exchange rate and external sector”, he expressed worry.