Monetary Policy Committee to begin 3-day meeting to assess economy today

The Monetary Policy Committee of the Bank of Ghana is scheduled to begin its regular meetings from today, Tuesday, September 22, 2020, through to Friday, 25th September 2020.

The 96th 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, September 28, 2020.”

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 July this year maintained the rate at 14.5 percent.

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 and July 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.

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