The Bank of Ghana's Monetary Policy Committee (MPC) has decided to keep the benchmark lending rate at 27.0% after evaluating recent economic developments.

In a press briefing, Dr. Ernest Addison, Governor of the Bank of Ghana, stated that inflationary pressures are under control, which justified maintaining the rate at 27.0%.

"Under the circumstances, the Committee decided to keep the monetary policy rate unchanged at 27.0%", he said.

He also shared that the latest inflation projections suggest a consistent decline, indicating a return to a disinflationary trend. The bank is aiming to achieve the medium-term inflation target of 8±2 percent within an extended timeframe.

"While the inflation outturn for the year 2024 5 deviated from target, it is expected that the disinflation process will resume, contingent on renewed efforts at fiscal consolidation, which is anticipated in the new administration’s economic policy agenda and the yet-to-be-presented 2025 budget statement".