BoG MPC begins 107th meeting to review economic developments

Inflation for June reaches 29.8% - GSS

IEA wants policy rate adjusted upward to deal with inflation

IMF team concludes first formal visit to Ghana

The Bank of Ghana Monetary Policy Committee (MPC) will begin its 107th scheduled meeting of the year to review economic developments in the country from Wednesday, July 20 to Friday, July 22.

The rather crucial meeting of the central bank is expected to entail the initiation of proposals for the formulation of the central banks’ policies, provision of statistical data and economic advice.

Ahead of the meeting, some economists and market watchers are calling for an upward review of the policy rate from its current rate of 19 percent – a move they believe will respond to soaring inflation figures in the country.

For instance, the Institute of Economic Affairs (IEA) has entreated the central bank to increase the policy rate by either 100 basis points or 150 basis points.

This means, they believe the policy rate should move to 20 percent or 20.5 percent.

The Institute further suggests that an adjustment of policy rate will restore calm in markets as inflation for June reached 29.8 percent according to the Ghana Statistical Service.

Meanwhile, a statement issued by the Bank of Ghana said: “The Committee’s assessment of the situation and interventions shall be communicated accordingly on Monday, July 25, 2022.”