Monetary Policy
Press Releases
MPC Press Release - March 2003
Monday, 31 March 2003 00:00

Since the last MPC meeting was held in January, developments in the economy show clear signs of continued build-up of inflationary pressures. Annual consumer price inflation as measured by the consumer price index, turned in at 16.3 percent in January, edging up from 15.2 percent recorded in December 2002.

The impulses underlying the upturn in the inflation rate since the beginning of the fourth quarter of 2002, were the feed through of the public sector borrowing of the 2002 budget, the liquidity injection of currency for purchases of the unexpectedly large 2002/2003 cocoa crop, and downward pressures on the exchange rate stemming from the above trend growth in domestic liquidity as well as the effect of the sharp depreciation of the US dollar viz-a-viz the Euro (and the pound sterling).

MPC Press Release - January 2003
Thursday, 30 January 2003 00:00

The Monetary Policy Committee of the Bank of Ghana has undertaken a review of macroeconomic performance in 2002 and the outlook for inflation in 2003.

  • The year 2002 ended with inflation at 15.2 percent, down from 21.3 per cent in December 2001, and up from 12.9 per cent in September 2002. The yearly average inflation has fallen from about 33.0 percent in December 2001 to 14.8 per cent by December 2002. The latest numbers show that after reaching a low of 12.9 per cent in September, inflation has gone up for the third consecutive month notwithstanding the bumper harvest reported in 2002. The cedi depreciated by 15.4 per cent in dollar terms during the year, against an annual inflation of some 15.2 per cent.

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Press Releases