The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has, for the fourth consecutive time, maintained the policy rate at 16 per cent. 

According to the central bank, the global outlook looks positive while on the domestic front, growth is expected to be resilient and robust. 

Addressing a news conference a while ago, the Governor of the BoG, Dr Ernest Addison, stated that holding the policy rate at 16 per cent has become necessary due to the strong economic performance over the period although revenue mobilisation remains a challenge.

With inflation for August dropping to 7.8 per cent, it was highly unlikely for any increase in the Monetary Policy Rate (MPR) as it falls below the target band of 8 ±2 per cent.

Below is the full statement: