Dr Kofi Wampah, governor of the BoG and MPC Chair explained that the rate was left unchanged due to a likelihood of marginal inflation rise and uncertainty in the global economy.
“In the circumstance, the Committee is of the view that the current monetary policy stance is appropriate and therefore decided to maintain the policy rate at 16%,” Dr Wampah said.
The BoG also cited the slackening growth in emerging market economies, continuous dip in commodity prices in international markets and the slow growth in the US economy as some of the contributory factors for the hold of rate.
The central bank in May 2013 increased the policy rate by 100 basis points to 16% from 15%.
By Ekow Quandzie