The Inbox has a Parent, and Folders.Add returns the new folder:
Set newFolder = ofInboxFolder.Parent.Folders.Add("New Folder", olFolderInbox)

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Sue Mosher, Outlook MVP
Author of Configuring Microsoft Outlook 2003
http://www.turtleflock.com/olconfig/index.htm
and Microsoft Outlook Programming - Jumpstart for
Administrators, Power Users, and Developers
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>I am trying to work out how to create a folder in Outlook that is on the same
> level as the Inbox. The code I am working with is:
[quoted text clipped - 22 lines]
>
> Thanks in advance.
Boy from Oz - 24 Nov 2006 07:05 GMT
Thanks, that worked a treat...
> The Inbox has a Parent, and Folders.Add returns the new folder:
>
> Set newFolder = ofInboxFolder.Parent.Folders.Add("New Folder", olFolderInbox)