Monetary Policy Committee gathers for 114th meeting to address inflation and economic stability
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has convened for its 114th regular meeting, aimed at a comprehensive assessment of the nation’s economic landscape. The focus of this pivotal gathering is the formulation of strategic measures to uphold financial and economic stability.
Central to the MPC’s deliberations will be the impending policy rate decision, crafted to combat inflation and sustain price equilibrium within the economy.
Of significant note is the recent downturn in Ghana’s inflation figures, marking a noteworthy decline of nearly three percentage points in August 2023. Presently, the inflation rate rests at 40.1 percent, signifying a commendable drop from July’s 43.1 percent rate. This modest descent in inflation is a milestone, representing the first decline observed in three months since the onset of the upward trajectory in May.
During its previous MPC session in July 2023, the Central Bank, in response to mounting inflationary pressures, enacted a 50-basis-point tightening of the monetary policy rate, elevating it to 30 percent.
However, the current trajectory of easing inflation has kindled anticipation among industry experts that the policy rate may remain unaltered. Such a decision would serve as a linchpin in fortifying the ongoing disinflation trajectory and ensuring economic stability.
As the 114th MPC meeting unfolds, all eyes are on the deliberations that will shape Ghana’s monetary policy landscape and further cement the nation’s commitment to financial soundness and economic resilience.
