Home Business BoG Forecasts Inflation to Remain Between 13-17 Percent Amid Exchange Rate Pressures

BoG Forecasts Inflation to Remain Between 13-17 Percent Amid Exchange Rate Pressures

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Bank Of Ghana
Bank Of Ghana

At a press conference in Accra, Dr. Ernest Addison, Governor of the Bank of Ghana (BoG), revealed that inflation is anticipated to hover between 13 and 17% by year-end.

This announcement came during the Bank’s 118th Monetary Policy Committee meeting, where Dr. Addison attributed the projection to recent exchange rate fluctuations and adjustments in transportation costs.

Dr. Addison assured the public of the Bank’s readiness to meet the country’s foreign exchange demands and emphasized their commitment to exchange rate stability and inflation control. He cautioned against speculative dollar purchases, citing their adverse effects on inflation, and reiterated the Bank’s ample reserves to manage any foreign exchange market disruptions. The Governor highlighted a notable addition of over $600 million to foreign exchange reserves in the first five months of the year, buoyed by a successful domestic gold purchase program resulting in substantial liquid monetary gold reserves.

In a bid to enhance market conduct and mitigate inflationary pressures, the Bank of Ghana is collaborating with the Ghana Association of Banks to streamline documentation requirements for foreign payments, aiming to discourage reliance on informal markets. Dr. Addison’s statements underscore the Bank’s proactive approach in addressing economic challenges and fostering stability in Ghana’s financial sector.

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