Ghana Interest Rate

The Bank of Ghana kept its benchmark monetary policy rate steady at 27% on November 29th, 2024, amid concerns over the inflation trajectory. Policymakers highlighted that recent price trends indicate a sluggish pace of disinflation, largely due to elevated and volatile food prices. The annual inflation accelerated for the second consecutive month in October, reaching 22.1% and jeopardizing the year-end target of 18%. Despite inflationary pressures, the central bank noted that domestic macroeconomic conditions remain broadly stable, with economic activity indicators pointing to stronger growth in the second half of the year. Additionally, the ongoing implementation of the IMF-ECF Programme is progressing as planned, providing further support for economic stability.