The Monetary Policy Committee (MPC) of the Bank of Ghana has commenced its meetings to review developments in the economy.
The meetings begun on Monday, 8th September,2014.
The meetings will end with a press conference which will be addressed by the Governor of the Bank of Ghana Dr. Henry Kofi Wampah on Wednesday, 10th September,2014.
The meeting will also end with a decision on the appropriate positioning of the Bank’s Policy Rate which commercial banks use to determine their base rates.
The policy rate is currently 19 percent.
The committee increased the rate by 100 basis point at its last sitting.
According to the Governor of the Bank of Ghana Dr. Henry Kofi Wampah ‘the Committee viewed risks to inflation as elevated and decided to increase the policy rate by 100 basis points to 19 percent to contain inflation pressures and realign interest rates in favour of domestic assets. This is in addition to the measures implemented in the previous MPC meeting on reserve requirements and NOPs which are still working through the system.’ he said
The meeting is also expected to focus on the cedi and how the revision of some of the forex rules implemented by the bank of Ghana in February have fared.
By: Vivian Kai Mensah/citifmonline.com/Ghana