Dr Ernest Addison<\/strong><\/p>\n\u00a0<\/p>\n
The Monetary Policy Committee (MPC) of the Bank of Ghana has decided to maintain the policy rate at 27% in its latest review.<\/p>\n
This decision was made after careful consideration of global economic conditions, domestic macroeconomic indicators, and the outlook for the economy.<\/p>\n
*Global Economic Conditions*<\/p>\n
In a statement, the MPC noted that global economic growth has remained robust, supported by the recovery of real incomes amid an ongoing process of disinflation.<\/p>\n
The policy easing cycle initiated by major central banks in Advanced Economies (AEs) has generally supported growth.<\/p>\n
However, potential challenges such as the lagged effects of past policy tightening, persistent geopolitical tensions, and a resurgence of trade protectionist policies present downside risks to the outlook.<\/p>\n
*Domestic Macroeconomic Indicators*<\/p>\n
The MPC observed that high-frequency indicators point to continued improvement in economic activity.<\/p>\n
The updated real Composite Index of Economic Activity (CIEA) recorded an annual growth of 2.2% in September 2024, compared to a contraction of 0.4% in the corresponding period of 2023.<\/p>\n
The banking sector remains sound, well-capitalized, and liquid, with total assets growing by 42.4% to GH\u00a2367.2 billion at end-October 2024.<\/p>\n
Solvency indicators also improved, with the capital adequacy ratio (with reliefs) increasing to 11.1% from 7.3% in October 2023.<\/p>\n
*Inflation Outlook*<\/p>\n
The MPC noted that inflation projections show a slightly elevated profile driven by high and unstable food prices, pass-through of previous exchange rate pressures, fuel prices, and utility tariff adjustments.<\/p>\n
The price increases in food items have been steep in the course of the year, and together with a fast-paced depreciating currency earlier on in the year, have altered the inflation trajectory and stalled the disinflation process.<\/p>\n
*Exchange Rate*<\/p>\n
The MPC observed that the strong external sector performance is boosting confidence in the foreign exchange market, with the Ghana cedi recording appreciable gains.<\/p>\n
Since end-October to November 2024, the Ghana cedi has recorded respective appreciations of 6.0%, 7.6%, and 9.1% against the US dollar, the British pound, and the euro.<\/p>\n
*Conclusion*<\/p>\n
The MPC decided to keep the policy rate unchanged at 27% in view of the current macroeconomic conditions and the outlook for the economy.<\/p>\n
The Committee will continue to monitor global and domestic economic conditions and adjust the policy rate as necessary to ensure price stability and support economic growth.<\/p>\n
The next Monetary Policy Committee (MPC) meeting is scheduled for January 21-24, 2025.<\/p>\n
The meeting will conclude on Monday, January 27th, 2025, with the announcement of the policy decision.<\/p>\n
-BY Daniel Bampoe<\/strong><\/p>\n\n\t<\/div>\n","protected":false},"excerpt":{"rendered":"
Dr Ernest Addison \u00a0 The Monetary Policy Committee (MPC) of the Bank of Ghana has decided to maintain the policy rate at 27% in its latest review. This decision was made after careful consideration of global economic conditions, domestic macroeconomic indicators, and the outlook for the economy. *Global Economic Conditions* In a statement, the MPC […]<\/p>\n","protected":false},"author":1,"featured_media":120889,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[],"class_list":["post-258022","post","type-post","status-publish","format-standard","has-post-thumbnail","category-local-news"],"yoast_head":"\n
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