Bank of Ghana hails decline in inflation

The Governor of the Bank of Ghana, Dr Abdul-Nashiru Issahaku, says the Bank is conducting policy in a way to bring inflation to its medium-term target of eight per cent.

His comments comes after the Bank recorded a decline in inflation from 19.2% in March to 18.4% in June, this year saying it is a sign that BoG’s inflation targeting policy is on course. 

Dr Issahaku was speaking during the inauguration of a four-storey lecture hall for the University for Development Studies UDS in Tamale . 

The BoG supported UDS to construct the facility, which has 16 lecture halls that can accommodate various class sizes – a 60 seating capacity and a 250 seating capacity, a data centre, laboratories for community nutrition studies, a conference hall and 48 offices that can serve various needs.   

Dr Issahaku said growth prospects for the rest of the year would be impacted positively by the stability in the foreign exchange market and the continued improvement in consumer and business sentiments, among others indices.   

He said in the first six months this year, volatilities in the foreign exchange market subsided significantly alongside relative stability in the local currency, largely supported by tight policy stance and improved foreign exchange inflow.   

He said BoG will continue to be more proactive and solid on price stability issues to avoid spiral effects of inflation.   

GNA