Monetary Policy Committee begins 98th meeting to assess economy

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) is scheduled to begin its regular meetings from today, Tuesday, January 26, 2021, through to Friday, 29th January 2021.

The 98th meeting of the Monetary Policy Committee is to review developments in the economy and take the necessary steps to ensure financial and economic stability.

A statement issued by the Bank said: “The Committee’s assessment of the situation and interventions shall be communicated accordingly on Monday, February 1, 2021.”

The Monetary Policy Rate 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 BoG at its last MPC meeting in November last year maintained the rate at 14.5 percent.

Read also: BoG offers $25m to forex dealers in April auction

At that time, the Governor of the Central bank, Dr. Ernest Addison, attributed the decision to uncertainties in the economy caused largely by the Covid-19 pandemic.

It was also to control inflation from going out of gear.

Earlier Monetary Policy Rates

In January this year, the Monetary Policy Committee of the Bank of Ghana voted to maintain the policy rate at 16 percent. This was the sixth time the rate had been maintained at 16 percent.

In March this year, the Monetary Policy Committee (MPC) of the Bank of Ghana, reduced the policy rate to 14.5%.

The rate was maintained in May, July, September and November 2020, following the impact of COVID-19 on the economy.

The decision according to the Governor of the Central bank, Dr. Ernest Addison, was based on uncertainties in the economy caused largely by the Covid-19 pandemic.

Comments (0)
Add Comment