The Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 114th Regular meeting from Tuesday, September 19, 2023, to Friday, September 22, 2023, to review developments in the economy.
The meetings will conclude with a press conference on Monday, September 25, 2023, to announce the decision of the Committee.
In July this year, the Monetary Policy Committee of the Bank of Ghana, as part of efforts to address the surging inflation, raised its Policy Rate by 50 basis points, reaching 30%.
This is the latest move in a series of increases since November 2021, amounting to a total of 15.5%.
Interestingly, despite the hike in the policy rate, lending rates are not anticipated to rise. Surprisingly, the cost of credit has been decreasing, contrary to the expected upward trend.
After declining consistently between January to April, headline inflation increased in May and June on account of a variety of factors, including higher food prices, implementation of new tax measures, and utility tariff adjustments.
Overall inflation increased from 41.2 percent in April to 42.2 percent in May and then further to 42.5 percent in June.
Underlying measures of inflation have all ticked up in May 2023, the BoG said.