The Monetary Policy Committee of the Bank of Ghana has opted to hold the policy rate steady at 29% after its 119th regular meeting.

This decision represents the third time in a row that the BoG has kept the policy rate at 29% this year.

Central Bank Governor Dr. Ernest Addison pointed out that inflation risks are skewed towards the upward direction.

"On domestic price developments, there is some uncertainty regarding the inflation path for the year, given recent exchange rate pressures, upward adjustment in utility tariffs and increases in ex-pump fuel prices," the governor said.

"The above developments have resulted in a slightly elevated inflation profile for the year. Even though inflation is expected to remain within the target year band, the risks are tilted slightly on the upside. This will require maintaining the strong monetary policy stance supported by strong fiscal consiolidation efforts including remaining vigilant to ensure that the end year inflation objectives are achieved," he explained.