Bank of Ghana to announce new MPC rate on November 25

Nov 21, 2024 - 12:06

Dr. Ernest Addison is Governor of Bank of Ghana.

Accra, Ghana - Nov 21, 2024 - The Bank of Ghana has kicked off its 121st Monetary Policy Meeting, running from November 20 to 22, 2024, to take the pulse of the nation's economy. This critical gathering will scrutinize the current inflation levels and overall economic conditions, paving the way for informed decision-making.

In its previous meeting, the Bank of Ghana made a significant move by slashing the Monetary Policy Rate to 27%, marking the second rate cut since 2021. This reduction comes after a period of tight monetary policy aimed at taming high inflation. Interestingly, the rate had been steady at 29% for nine months, following a reduction from 30% in January 2024.

The recent rate cut is expected to bring relief to borrowers in the final stretch of the year, with experts anticipating further reductions to create a more conducive business environment.

The central bank is expected to announce the updated MPC rate on November 25, 2024.

Industry observers are watching closely, eager to see how these changes will unfold.

Source: Lead News Online