BoG likely to increase policy rate to 21% – Dr Ato Forson
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.
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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.
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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.
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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.
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