The Bank of Ghana (BoG) has begun its regular Monetary Policy Committee (MPC) meetings, which are scheduled from Wednesday, November 20, to Friday, November 22, 2024. This marks the 121st session, focusing on analyzing the current state of the economy, including inflation trends and broader economic conditions.
At its last meeting, the BoG lowered the Monetary Policy Rate (MPR) to 27%, marking the second reduction since 2021. This came after a prolonged period of tight monetary policy aimed at curbing high inflation. The rate had previously been maintained at 29% for nine months, following a reduction from 30% in January 2024.
The latest rate cut seeks to ease borrowing costs, offering relief to businesses and individuals as the year approaches its end. Analysts expect further reductions to support a more business-friendly environment. The central bank is set to announce the new monetary policy rate on November 25, 2024.
Source: TheDotNews