Bank of Ghana holds emergency MPC meeting today

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has announced an emergency meeting scheduled for today, August 17, 2022.

According to a statement issued by the Central Bank, the emergency MPC meeting is to review recent developments in the Ghanaian economy.

The move by the Committee, is believed to be mainly the result of the continuous rise in the inflation rate.

Other important issues such as the depreciation of the cedi as well as measures to check the country’s declining foreign reserves will also feature in the Committee’s discussions and review of the economy.

Inflation at the end of the month of July rose to a record 31.7%. This some 1.9 percentage points higher than the recorded 29.8% in June 2022.

According to the Ghana Statistical Service, the rise in inflation was due to increments in Transport (44.6%); Housing, Water, Electricity, Gas and Other Fuels (43.0%); Furnishings, Household Equipment and Routine Household Maintenance (42.0%); Recreation, Sport and Culture (33.8%); Personal Care, Social Protection and Miscellaneous Goods and Services (33.7%) and Food and Non-Alcoholic Beverages (32.3%).

The Committee is expected to announce its decisions to the public at the end of the emergency meeting.