March 22, 2023

BoG Begins MPC Meeting Today

The Bank of Ghana (BoG) will today, March 22 begin the 111th Monetary Policy Committee (MPC) meeting.


The meeting will come to an end on Friday, March 24, 2023.


It will review developments in the economy and make informed decisions after that.


During the last MPC meeting in January, the Monetary Policy Rate (MPR) was pegged at 28%.


The Governor of the Central Bank, Dr Ernest Addison, at the time said the global economic outlook was uncertain owing to broad-based and elevated inflation, policy tightening, worsening financing conditions, and lingering spillover effects of geopolitical tensions.


He said these headwinds are likely to persist through the first half of 2023, driving down confidence and weakening real household disposable incomes in advanced and emerging market economies.


He also noted that central banks in advanced economies had signalled the need to maintain a tight monetary policy stance to contain inflationary pressures, however, at a measured pace.


But since inflation in Ghana for two consecutive months- January 2023 and February 2023- declined, it is not known if the policy rate will be maintained or decreased after the MPC meeting.


In January, Ghana recorded an inflation rate of 53.6%, down from 54.1% recorded in December 2022.


In February, it recorded 52.8% nflation.


The BoG is expected to hold a press conference on Monday, March 27, 2023, to announce the decision of the Committee.



Source: Fuseini

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