(Reuters) – Minutes from Ghana’s central bank Monetary Policy Committee (MPC) meeting revealed that two out of five members voted to maintain the interest rate at 27%, while the majority supported a 100-basis-point hike to 28%.
The decision underscores differing opinions within the Bank of Ghana (BoG) on the best approach to controlling inflation. Governor Johnson Asiama defended the unexpected rate increase, emphasizing the need for a tight monetary policy to combat inflation, which he described as still “uncomfortably high.”
Ghana’s annual consumer inflation declined for the third consecutive month, dropping to 22.4% in March from 23.1% in February, according to the country’s statistics agency. However, inflation remains well above the BoG’s target range of 6%–10%, raising concerns about economic stability in the gold, oil, and cocoa-producing nation.
