Ghana: BOG Announces New Policy Rate Today

May 23, 2017 | Business Day Ghana; All Africa

The announcement is planned in a context where the last decision of the Monetary Policy Committee caused the biggest cut in policy rate in almost 10 years.

The Bank of Ghana (BoG) will today announce its decision on the policy rate and further review of the economy. The follows the conclusion of the 76th meeting of the Monetary Policy Committee (MPC) of the BoG, which started last Friday, May 19, 2017 in Accra. Monetary policy is the process by which the central bank controls the supply of money, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency of the country. The MPC meeting is the first to be chaired by Dr. Ernest Kwamina Yedu Addison since he assumed office last month as the new Governor of the Central bank after the surprise resignation of his predecessor Dr. Abdul Nassiru Issahaku. The MPC is made up of six other members namely Mr. Millison Narh, First Deputy Governor, Dr Johnson Pandit Asiama, Second Deputy Governor, Dr. Benjamin Amoah, Head of Research, Evelyn Kwatia, Head of Financial Markets, Dr. John Kwakye, External Member, and Prof. Joshua Yindenaba Abor, External Member. Read more on All Africa. Source: All Africa