Prime News Ghana

BoG's Monetary Policy Committee begins 107th meeting today

By Justice Kofi Bimpeh
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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) is scheduled to begin its regular meetings from today, Wednesday, July 20, 2022, through to Friday, the July 22, 2022.

The 107th 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, July 25, 2022.”

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 Central Bank at its last MPC meeting in May, 2022 adjusted the rate upwards by 200 basis points to 19 percent.

Governor of the Central Bank, Dr. Ernest Addison, noted that the risks to inflation are on the rise, thus the decision to address current inflationary pressures.