Bank of Ghana to evaluate Ghana’s economy in 72 hours
- The Monetary Policy of the Bank of Ghana has revealed it will hold a 3-day meeting to deliberate on a number of issues
- It will use the opportunity to evaluate Ghana's economy and determine the Monetary Policy Rate
- Information available shows that the meeting will start from Wednesday, July 22, and last until Friday, July 24, 2020
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YEN.com.gh has learned that the Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will soon begin a three-day session to evaluate Ghana’s economy.
The meeting is scheduled to start from Wednesday, July 22, until Friday, July 24, 2020.
In the course of the meeting, the MPC is expected to begin the initiation of proposals for the formulation of the monetary policies.
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It is also expected to evaluate Ghana's economy and provide statistical data, advice, and necessary steps for the formulation of the policies.
Per a report by the Ghana Web, the Central Bank will then, on Monday, July 27, announce the monetary policy rate (MPR).
The MPR is of strong interest to businesses as it will determine the interest rate on loans and the rates at which the BoG will lend to commercial banks.
On Friday, May 15, 2020, the BoG announced it intends to keep the MPR at 14.5%.
Source: UGC
This followed a 150-basis point fall in the rate, which compelled some banks to call for further reductions in order to make credit readily available.
In other news, the BoG has predicted the cedi will remain stable despite a 2.4% depreciation.
The assertion comes amidst the outbreak of COVID-19 and its effect on the local currency.
YEN.com.gh understands that the cedi began losing its hold on the dollar after it earlier depreciated against the currency in the first quarter of 2020.
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Source: YEN.com.gh
