\n
Togbe Afede XIV, the Agbogbomefia of the Asogli State, has criticised the Bank of Ghana (BoG) over its recently maintained high monetary policy rate.<\/p>\n
In a piece dated April 11, 2024, Togbe Afede XIV, described as unconvincing the BoG\u2019s mopping up excess liquidity explanation for its high monetary policy rate.<\/p>\n
According to him, supply side rather than demand side factors are at the root of Ghana\u2019s inability to achieve sustained low inflation.<\/p>\n
\u201cBOG\u2019s \u201cmopping up excess liquidity\u201d explanation for its high monetary policy rate is not convincing. \u201cExcess liquidity\u201d presumes a certain optimal liquidity that has still not been defined. Secondly, supply side rather than demand side factors are at the root of our inability to achieve sustained low inflation. Thirdly, it is difficult to persuade people to save when they are struggling to make ends meet.\u201d<\/p>\n
Togbe Afede XIV asked why the International Monetary Fund (IMF) insisted on these high interest rates that have not worked for Ghana.<\/p>\n
\u201cIt is surprising therefore, that the IMF insists on these high interest rates that have not worked for us, the reason why we are engaging them for the seventeenth (17th) time!,\u201d he pointed out.<\/p>\n
On March 25, 2024, the Monetary Policy Committee (MPC) of the Bank of Ghana decided to maintain the policy rate at 29%, citing persisting upside risks to inflation.<\/p>\n
\u2014\u2013<\/p>\n
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