26.2 C
Accra
Thursday, August 29, 2024
BusinessMPC to meet from Sept. 19 - 22 over policy rate

Date:

MPC to meet from Sept. 19 – 22 over policy rate

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.

Will you vote in the 2024 general election?

Latest stories

Lukaku completes Napoli move

SSC Napoli has officially announced the acquisition of Belgian...

Munich’s Fußball Arena München to host 2025 UCL final

Munich’s Fußball Arena München is set to host the...

Foreign buyers pay us better – Farmers react to ban on grain export

Farmers in the Upper East Region have raised concerns...

2024/25 Champions League: League phase draw pots

The Champions League draw is happening today in Monaco....

Video: ‘All-time top scorer’ Ronaldo arrives for Champions League draw

Portugal's Cristiano Ronaldo has arrived in Monaco for the...

Banks records GHS10.8bn increase in loans for 2nd quarter of 2024

The total amount of secured loans issued and recorded...

Related stories

Foreign buyers pay us better – Farmers react to ban on grain export

Farmers in the Upper East Region have raised concerns...

Banks records GHS10.8bn increase in loans for 2nd quarter of 2024

The total amount of secured loans issued and recorded...

Ghanaian banks won’t fully digitize in 5 years due to slow adoption – PwC predicts

Professional Services firm, PriceWaterhouseCoopers (PWC) has forecasted that there...

Ghana to produce, refine and sell crude oil – Petroleum Hub CEO

The Chief Executive Officer (CEO) of the Petroleum Hub...

Imported inflation declined by 1.9% to 15.6% in July – Finance Minister

Inflation for imported items in Ghana declined by 1.9...

Collateral registrations increase sharply in Q2 of 2024 – BoG

Bank of Ghana has reported that the second quarter...

Close to GHS500m was lost due to ransomware attack – ECG boss confirms

Managing Director Samuel Dubik Mahama, has clarified that Ghana’s...