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The Bank of Ghana (BoG) uses the Monetary Policy Rate (MPR) to conduct short-term lending to commercial banks and also influence the economy's money supply and inflation. Once the MPR becomes a reference point for other interest rates, which signals the BoG's monetary policy stance. The Bank of Ghana introduced an Inflation Targeting (IT) regime in 2007, which sets medium-term inflation target at 8.0 ± 2%. The goal of this target is control inflation without relying on monetary aggregates (money supply).
Source: BoG
Source: BoG
