Bank of Ghana
Bank of Ghana

Ghana’s central bank announced its decision here on Monday to hold the benchmark policy rate at 17 percent.

Governor of Bank of Ghana Ernest Addison said the decision was intended to mitigate the effect of global pressure on the country’s economy.

“The latest assessment shows that there are underlying pressures including risks in the continuing escalation of global trade tensions, steady rise in global inflation, further hike in U.S. interest rates and a strong U.S. dollar,” the governor stated.

The country seeks to reach an inflation target band of eight percent with room for it to climb up to 10 percent or dip to six percent.

This is the third time the central bank has maintained the rate at 17 percent after reducing it to that level in May.

Meanwhile, the West African country’s public debt rose by 11.4 billion cedis (2.32 billion US dollars), bringing the stock of public debt to 34.81 billion dollars by the end of August, according to data released by the central bank. Enditem

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