BoG MPC commences 114th scheduled meetings to assess economic developments

The Bank of Ghana’s Monetary Policy Committee has commenced deliberations at its scheduled meetings to review economic developments in the country.

This 114th meeting of the Committee is expected to entail the initiation of proposals for the formulation of the central banks’ policies, provision of statistical data and economic advice.

Governor of the Bank of Ghana, Dr. Ernest Addison, who is also Chairperson of the Monetary Policy Committee, is expected to make decisions that will influence the cost of credit in the country for the next two months of the year.

During the meetings, members of the MPC will focus on the policy rate decision and which route to take on [hiking or maintaining] to tame inflation and address price stability.

At the MPC’s 113th meeting in July this year, the Central Bank tightened the policy rate by 50 basis points to 30 percent to tame soaring inflationary pressures.

Recent figures from the Ghana Statistical Service (GSS) showed Ghana's inflation decline from 43.1 percent in July to 40.1 percent in August 2023.

Meanwhile, some economists and market watchers expect the Central Bank to maintain its stance on the current policy rate when it announces its decision on Monday September 25, 2023.

MA

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