Dr. Ernest Addison
THE BANK of Ghana will this morning hold an emergency to review developments in the economy over the past month, a release it issued has stated.
Though the BoG did not pinpoint which particular issues it will tackle on the economy, per its calendar, the Monetary Policy Committee (MPC) was billed to meet between 20 – 23 September, this year.
While some analysts have projected the MPC could consider additional measures on the monetary side to help arrest the rising inflation rate, others have indicated that the meeting could touch on how to tame the local currency’s sharp depreciation.
In a previous statement, the Bank of Ghana gave assurance that it was taking measures to stabilise the cedi.
At its last meeting in July, it maintained the prime rate at 19%.
The Bank of Ghana, has since the end of 2021 increased the Policy Rate by some 550 basis points to try and contain the rising inflation rate.
According to Dr. Ernest Addison, Governor of BoG, during the MPC press conference, his outfit was waiting to observe the impact on inflationary pressures of recent rate hikes and other policies, “noting that the bank had observed that inflation had persisted and broadened to almost all items in the consumer basket.”