The Governor of the Bank of Ghana Dr Ernest Addison has said that the Ghanaian economy is recording strong growth.
Speaking at the MPC meeting in Accra, Dr Addison said that the economy recorded 6.8 percent Gross Domestic Product (GDP) in the first quarter of 2018, compared to 6.7 percent in the same period of 2017.
“Global inflation has picked up in most advanced economies driven mainly by wage dynamics as labour market conditions tighten and crude oil price increases. Core inflation, however, remains benign but may pick up. Inflation pressures in emerging market economies, on the other hand, are gradually moderating."
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“The Ghanaian economy continues to record strong growth with a 6.8 percent GDP growth in the first quarter of 2018, compared with 6.7 percent in the same period of 2017. Non-oil growth for the first quarter also picked up strongly to 5.4 percent, from 4.0 percent in the comparative period of 2017.”
“The growth pickup is evidenced in a stronger rebound by the services sector, which rose by 5.2 percent, compared with 3.4 percent in the same period of 2017.”
Dr Addison has said that the Monetary Policy Committee (MPC) of the BoG will develop and implement the appropriate policy measures to promptly address any potential threats to the disinflation path.
“Given the circumstances, especially with regards to the global outlook, the Committee decided to maintain the Monetary Policy Rate at 17 percent while closely monitoring developments in the near-term. The Committee stands ready to take the appropriate policy measures to promptly address any potential threats to the disinflation path”.
