The Bank of Ghana held its monetary policy rate at 13.5% during its September meeting, saying the risks to inflation and growth were broadly balanced.

Inflation accelerated to 9.7 percent in August, from a 9 percent rise in July, driven mainly by sustained food price increases but remaining within the Central bank’s target range of 8±2%, closer to the upper limit in the near-term.

Policymakers added that a close monitoring of the inflation situation is needed to respond swiftly to prevent potential second round effects on headline inflation from the rising food inflation.

Source: Bank of Ghana

Credit: tradingeconomics