The Monetary Policy Committee of the Central Bank has maintained the policy rate at 18 percent.

The Policy rate hints at the rate that of interest slapped against commercial banks by the Bank of Ghana when they borrow from there.

The committee raised the rate by 200 bases points last month from 16 percent to the current rate.

At the time, the Committee said the raise could be put down to domestic fiscal pressures ranging from exchange rate fluctuations to price volatility as well as external factors such as limited capital inflow due to ailing global economies.

Bank of Ghana Governor Dr Henry Kofi Wampah told journalists on Wednesday that the impact of the 200 bases points raise of last month was still being monitored and thus too early for a variation.