Monetary Policy Committee Begins Meeting Tomorrow

The Monetary Policy Committee of the Bank of Ghana (BoG) will commence their meeting tomorrow, July 23, 2024.

It will be the 119th regular meeting which will see the team reviewing developments in the economy for an ultimate decision on the policy rate subsequently.

“The Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 119th Regular Meetings from Tuesday, July 23, 2024, to Friday, July 26, 2024, to review developments in the economy.

“The meetings will conclude with a press conference on Monday, July 29, 2024, to announce the decision of the Committee,” it said in a statement.

In their last review in May, the Central Bank maintained the policy rate at 29% despite a slight surge in inflation.

The decision by the Bank was according to global growth; strong foreign exchange reserves; expected easing of monetary policy by central banks; stronger external sector position; policies alignment with the tenets of the IMF-supported programme; and projected disinflation.

Addressing the press on Monday, May 27, 2024, the Governor of the Bank, Ernest Addison, said these elements called for the maintenance of the Policy rate.

He said global growth was relatively strong, bolstered by an expansion of economic activity in large economies, despite the tight monetary policy stance and steady improvement in economic activity evidenced by continued steady growth in the Composite Index Economic Activity (CIEA).

Source:opemsuo.com