BoG Governor, Dr. Asiama chairing a meeting
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will meet today to begin its 124th meeting to review macroeconomic developments in the country. The policy rate is currently at 28.0%.
The meeting is coming at a time the cedi has witnessed one of its best performance in recent years, appreciating by 17.17% since January 1, 2025 against the US dollar.
As at Monday May 19, 2025, the cedis was going for GH¢12.23 to a dollar at the interbank market. This is the official rate quoted by the Bank of Ghana.
The committee is expected to deliberate on measures to maintain the gains while working to reduce inflation, which slowed marginally to 21.2 percent in April 2025 from 22.4 percent in March.
According to the Ghana Statistical Service, the marginal reduction in the April inflation was influenced by a decline in food and non-food inflation compared to the same period for last year.
Some economists have raised concerns about the aggressive rally of the cedi in the short period, cautioning that it could hurt the economy in the long run.
For some observers, a gradual appreciation is good for the economy to avoid disruptions that may affect revenue inflows.
Among many, the committee is expected to deliberate on the shocks the sudden appreciation of the cedi may have on the economy, particularly from export receipts.
The Bank of Ghana has already explained that it has enough reserves and will not burn same to support the currency.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
