{"id":50109,"date":"2023-03-27T17:05:54","date_gmt":"2023-03-27T17:05:54","guid":{"rendered":"https:\/\/www.ghanamma.com\/2023\/03\/27\/policy-rate-goes-up-to-29-5\/"},"modified":"2023-03-27T17:05:54","modified_gmt":"2023-03-27T17:05:54","slug":"policy-rate-goes-up-to-29-5","status":"publish","type":"post","link":"https:\/\/www.ghanamma.com\/2023\/03\/27\/policy-rate-goes-up-to-29-5\/","title":{"rendered":"Policy Rate Goes Up To 29.5%"},"content":{"rendered":"<p><\/p>\n<div>\n<p><strong>Dr Ernest Addison<\/strong><\/p>\n<p>The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate to 29.5 percent.<\/p>\n<p>According to the Central bank, this is to place the economy firmly on the path of stability to re-anchor inflation expectation towards the medium-term target.<\/p>\n<p>Addressing a press conference in Accra on Monday, March 27, at the 111th Monetary Policy Committee (MPC) meeting in Accra on Monday, March 27, Governor of the BOG, Dr Ernest Addison said \u201cTo place the economy firmly on the path of stability, it is important that the monetary policy stance be tuned further to re-anchor inflation expectation towards the medium-term target.<\/p>\n<p>\u201cGiven these considerations, the MPC decided to increase the Monetary Policy Rate by a 150 basis points to 29.5 percent.\u201d<\/p>\n<p>Meanwhile, Dr. Addison has denied allegations that the central bank printed more cash to finance the government\u2019s budget in year 2022.<\/p>\n<p>According to him, there is no need for the central bank to print extra cash when it has enough cash sitting in its vault.<\/p>\n<p>He described the allegations that Bank of Ghana prints money to finance overdraft as completely wrong, mischievous way of presenting the issues.<\/p>\n<p>Dr. Addison pointed out that whenever it becomes necessary, the BoG releases the cash to support the economic demands.<br \/>He mentioned \u201cFirst and foremost, Bank of Ghana\u2019s forecast for currency printing does not include government financing needs, we make an estimate of the GDP for the year, a major factor in that is the cocoa production forecast. So that is what goes into forecasting currency printing requirements.<\/p>\n<p>\u201cIf you go to the Bank\u2019s office at Spintex Road we have our currency processing center there, we have a vault full of Cedis so we don\u2019t need to print money, we already have cash sitting in our vault and release these resources as an when the economy demands that.<\/p>\n<p>\u201cSo the impression that Bank of Ghana prints money to finance overdraft is completely wrong, it is a mischievous way of presenting the issues.\u201d<\/p>\n<p><strong>By Vincent Kubi<\/strong><\/p>\n<p><!-- AI CONTENT END 2 -->\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Dr Ernest Addison The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate to 29.5 percent. According to the Central bank, this is to place the economy firmly on the path of stability to re-anchor inflation expectation towards the medium-term target. Addressing a press conference in Accra on Monday, [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":4238,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[19],"tags":[],"class_list":["post-50109","post","type-post","status-publish","format-standard","has-post-thumbnail","category-business"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v24.2 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Policy Rate Goes Up To 29.5% - Ghanamma.com<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.ghanamma.com\/2023\/03\/27\/policy-rate-goes-up-to-29-5\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Policy Rate Goes Up To 29.5% - Ghanamma.com\" \/>\n<meta property=\"og:description\" content=\"Dr Ernest Addison The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has increased the policy rate to 29.5 percent. 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