The Bank of Ghana (BoG) recently met with the Ghana Union of Traders Association (GUTA) to reaffirm its commitment to maintaining a stable macroeconomic environment, despite the current challenges. The meeting, held at the Bank Square, aimed to address the concerns of the business community regarding the impact of recent monetary policy decisions on their operations. This engagement is part of BoG’s broader outreach efforts following its Monetary Policy Committee (MPC) meetings.
During the discussions, the BoG acknowledged the difficulties businesses are facing, particularly the rising borrowing costs and inflationary pressures both locally and globally. The central bank explained that the recent adjustments to the policy rate were a result of careful analysis of inflation trends, exchange rate developments, and global financial conditions. Although higher interest rates may create short-term challenges for businesses, the Bank emphasized that such measures are necessary to control inflation and protect the long-term purchasing power of households and enterprises.
A key point of focus during the meeting was the importance of price stability in restoring investor confidence and ensuring economic balance. The BoG stressed the significance of collaboration with key business stakeholders to shape effective monetary policies. A special presentation was made to GUTA’s executive team, reinforcing the critical role of maintaining price stability for long-term economic growth.
In a move towards greater transparency, the BoG also revealed that, for the first time since adopting its inflation-targeting framework, it had published the individual voting decisions of its MPC members. This step, aligned with international best practices, is intended to enhance public trust and confidence in the Bank’s policy-making process. The meeting was attended by senior officials from the BoG and GUTA representatives, including Dr. Joseph Obeng, President of GUTA.
Source: citi newsroom