January 2023 Monetary Policy Report

The Bank of Ghana has reiterated that inflation is likely to peak in the first quarter of 2023 and gradually ease thereafter. However, headline inflation is projected to remain above the upper band of 8±2 percent until the second half of 2025. In its January 2023 Monetary Policy Report, the Central Bank said its decision to keep the policy rate high was due to the significant upside risks to the inflation outlook. On the domestic front, the report said the continuous monetary policy tightening and the relative stability in the exchange rate in December 2022 led to some moderation in…