Bank of Ghana’s MPC to hold 101st meeting from July 21-23
The Central Bank of Ghana has announced its 101st Monetary Policy Committee meeting will take place from Wednesday 21 to Friday, July 23, 2021.
The meeting will entail the initiation of proposals for the formulation of the policies of the central bank, provision of statistical data, advice and a review of economic developments for the country.
In a statement, the central bank stated that it will announce its decision taken by the Committee on the policy rate which is of keen interest to businesses after the deliberations.
“The meetings will conclude with a press conference on Monday, July 26, 2021, to announce the decision of the Committee,” the statement read.
At the Committee’s 100th meeting, Governor of the Bank, Dr Ernest Addison at a press conference announced a slash in the monetary policy rate by 100 basis points at 13.5 from 14.5 per cent.
He explained the decision was based on risks to the country’s inflation outlook remaining muted in the near term while consumer inflation is expected to remain within the central bank’s target band of 8% plus or minus two percentage points in the next quarter after falling to 8.5% in April 2021 due to lower food price inflation.
“Risks to the inflation outlook remain muted in the near-term…the Monetary Policy Committee under these circumstances decided to lower the monetary policy rate by a hundred basis points to 13.5%,” the governor said.
“The Committee will continue to monitor price developments closely and take appropriate action, where necessary, to contain all potential pressures to the inflation outlook,” Dr Addison added.
The monetary policy rate influences the interest rate on loans and determines the rate at which the central bank lends to commercial banks.