The Monetary Policy Committee (MPC) of the Bank of Ghana will today [September 20, 2022] commence its annual meetings to review developments in the economy.
The meeting will also come out with the Monetary Policy Rate which is of keen interest to businesses, as it determines the rate at which the Bank of Ghana lends to commercial banks, and subsequently influences the interest rate on loans.
The Central Bank at its last MPC meeting in August this year, increased the monetary policy rate by 300 basis points to hit 22 percent.
The meeting which was an emergency Monetary Policy Committee (MPC) meeting was held mainly to proffer solutions to check the continuous increments in the country’s headline inflation and other pertinent issues such as the depreciation of the cedi as well as measures to check the country’s declining foreign reserves.
Currently, inflation has shot up to 33.9% in August 2022.
According to the Ghana Statistical Service, the drivers of the rate of inflation were Housing, water electricity, gas, and other fuels (46.7%); and Transport (45.7%);
The MPC meetings will conclude with a press conference on Monday, September 26, 2022, to announce the decision of the Committee.