The Ranking Member of Parliament’s Finance Committee, Dr Cassiel Ato Forson is projecting that the Bank of Ghana will increase the policy rate to 21%.
This comes ahead of the Central Bank’s emergency Monetary Policy Committee (MPC) meeting on Wednesday, August 17, 2022, to review developments in the economy.
The economy is said to be in a precarious condition with skyrocketing inflation, rising interest rates, exchange rate depreciation and increasing energy cost culminating in the government returning to the International Monetary Fund (IMF) for respite.
Ahead of that crunch meeting later today, the Ajumako-Enyan-Essiam MP is forecasting an increment in the policy rate of at least 200 basis points from the current rate of 19%.
Dr Forson also added that the sheer incompetence and ineptitude of the Akufo-Addo-led government has led to the Ghanaian economy going through its worst form of crisis in the fourth republic.