Economist Daniel Amartey Anim has backed the Bank of Ghana’s (BoG) move to maintain the policy rate at 28%, describing it as “the right thing.”
Speaking on ABC News GH on Monday, May 26, he said the central bank needs more time to monitor economic trends both locally and globally.
“They need to monitor the trend and see whether it will be consistent,” he stated, adding that signs of declining inflation should be sustained before any further action is taken.
He emphasized that BoG’s decision allows room to assess the durability of recent gains in macroeconomic stability.
Anim’s endorsement follows the BoG’s May 23 announcement that the Monetary Policy Committee had decided to hold the rate steady amid signs of easing inflation—from 23.8% in January to 21.2% in April 2025.
BoG Governor Dr. Johnson Asiama attributed the gains to tight monetary policy, improved liquidity, and a stronger cedi.
However, Banking consultant and UPSA professor Isaac Boadi argued that “everything indicates that the BoG should have reduced the policy rate,” warning that the current stance may hinder private sector growth due to high borrowing costs.
By Ruth Sekyi
