Business News: BoG to announce policy rate after 71st MPC meeting

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The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will today announce its policy rate as it concludes the 71st regular meeting to review developments in the economy. Today’s media briefing on the policy rate which will be the second for Governor, Dr. Abdul  Nashir Issahaku, is among other things expected to address some major issues affecting the economy. Some of the issues likely to come up today will be the central bank’s strategy to tame inflation, which is still hovering around 18 percent; against a target of 8 percent plus or minus 2. Dr. Issahaku  is also expected to comment on the impact of the  Deposit Protection Bill  and the debacle that has hit the macro finance sub-sector in recent times. In addition, the central bank will outline more efforts aimed at achieving a continuous stabilization of the cedi as well as meeting the conditions outlined in the agreement with the IMF under the economic assistance program. The MPC at its last meeting in May maintained the policy rate at 26 percent. It cited the stability in inflation and performance of the cedi as the principal reasons for the decision. – By: Norvan Acquah – Hayford/citibusinessnews.com

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