BoG Announces Next Monetary Policy Meeting

The Bank of Ghana has set July 19 to begin its next Monetary Policy Committee (MPC) meeting.

The meeting will be used to review developments in the economy and make monetary decisions based on the outcome.

During their last meeting in May, the Committee maintained the Monetary Policy Rate (MPR) at 29.5% where it was pegged during the 110th meeting.

In arriving at this decision, the Bank said it considered the weak domestic economy in the first quarter of 2023; moderation in global inflation; and decline in domestic inflation.

In addition, the Central Bank said that it has in place policies that will continue to cool off inflation.

“The tight monetary policy through additional liquidity management operations to address excess liquidity conditions in the market, relative stability in the local currency, and easing of ex-pump petroleum prices have supported the disinflation process.

“Furthermore, the Bank of Ghana has signed the Memorandum of Understanding on zero financing to the budget to eliminate fiscal dominance and allow for faster ease in inflation towards the target band. These policies should provide the much-needed anchor to reinforce the disinflation process and reset the economy on the path of recovery.”

At the time, inflation was 41.2% but in the subsequent month, inflation rose to 42.2%.

The upcoming meeting will end on July 21 and will be followed by a press conference on July 24.