The Bank of Ghana’s Monetary Policy Committee (MPC) kicked off its 125th regular meeting today, July 28, to assess recent macroeconomic trends and chart the course for monetary policy in the coming months. Over the three-day session, the Committee will scrutinize key indicators, including inflation, currency performance, and financial sector stability. This review comes at a time when Ghana’s economic landscape is showing signs of cautious recovery, with observers anticipating what policy shift, if any will be announced midweek.
At its last meeting, the MPC maintained the policy rate at 28%, opting for a conservative approach despite improved macroeconomic data. Governor Dr. Johnson Asiama emphasized that the decision was made to manage persistent inflationary risks. This approach reflects the Bank’s intent to strike a balance between supporting growth and curbing price volatility. Since then, further developments have prompted a heightened level of interest in the MPC’s next steps.
Just days before the current meeting, the MPC convened an emergency session on July 17, signaling the importance of emerging data and shifting economic sentiment. Following that session, the Committee noted increased confidence in the economy, highlighting stabilized inflation expectations and strengthened foreign reserves. These developments suggest that the economic environment may be more resilient than previously thought, possibly opening the door for a policy rate adjustment.
The outcome of this week’s deliberations will be revealed at a press briefing on Wednesday, July 30. Market players, investors, and consumers alike are watching closely, as changes to the Monetary Policy Rate (MPR) directly affect lending rates, investment strategies, and consumer costs. The MPC’s decision will send strong signals about the central bank’s assessment of Ghana’s economic trajectory in the latter half of 2025.
Source: Citi newsroom