Bank of Ghana MPC holds 120th meeting from September 24 to 27

The Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 120th regular meeting from Tuesday, 24 September 2024, to Friday, 27 September 2024. The meetings will review developments in the economy.

The MPC will conclude with a press conference on Monday, 30 September 2024, to announce the Committee's decision.

At its last MPC meeting on 26 July 2024, the central bank kept the benchmark monetary policy rate steady at 29% for the third consecutive time, citing concerns about inflationary pressures due to strains on the currency.

Governor Ernest Addison noted that recent developments have resulted in a slightly elevated inflation profile for the year, with risks tilted slightly to the upside.

Ghana's inflation slowed slightly to 22.8% in June, down from 23.1% in May, but remains well above the central bank's target band of 6% to 10%.

The cedi has lost more than 5% of its value against the dollar since the MPC kept borrowing costs unchanged at its May meeting. This decline is driven by increased demand for dollars for imports and a drop in cocoa earnings.