The increase of the policy rate by the Monetary Policy Committee (MPC) of Bank of Ghana (BoG) on the back of rising inflation and the call by the VP for all Ghanaians to share in the vision of the digital transformation journey of the government are some of the leading stories in the Ghanaian press on Tuesday.The Ghanaian Times reports that the Monetary Policy Committee (MPC) of Bank of Ghana (BoG) has increased the policy rate on the back of rising inflation.
The MPC, after its 103rd meeting yesterday in Accra to review the developments in the economy, raised the policy rate by 100 basis to 14.5 per cent from 13.5 per cent.
Dr Ernest Addison, the Governor of BoG, who chairs the MPC, said the “Headline inflation has risen consistently from the low of 7.5 percent in May 2021 to 11.0 per cent in October, driven by both food and non-food price increases.
In addition, all the Bank’s core measures of inflation have increased, indicating broad-based underlying inflation pressures with the potential of de-anchoring inflation expectations.
Currently, headline inflation is above the upper limit of the medium-term target band and the Committee noted significant risks to the inflation outlook.”
“These risks include rising global inflation, high energy prices, uncertainties surrounding food prices and investor behaviour. The Committee noted that these elevated inflationary risks require prompt policy action to re-anchor inflation expectations to safeguard the central bank’s price stability objective,” he said.
Dr Addison said in the domestic economy, the committee assessed that the recovery in the real sector was progressing at a steady pace.
The Graphic says that digital transformation journey embarked on by the government should be a shared vision by all Ghanaians, the Vice-President, Dr Mahamudu Bawumia, has said.
In doing that, he urged the people to lead the conversation on how best the nation could position itself to drive its development agenda through inclusive and collaborative stakeholder participation in the digital innovation ecosystem.
“The opportunities to leverage technology for accelerated and inclusive development have never been so tangible. This is the time to take a critical look at our innovations and the digital transformation journey and feed our reflections and ambitions into a shared vision,” he said.
Dr Bawumia made the call at the opening of the maiden Ghana Digital Innovation Week in Accra yesterday.The five-day Ghana Digital Innovation Week, which has attracted many development partners, particularly from Israel, Germany and Rwanda, is on the […]
