The Bank of Ghana (BoG) has reaffirmed its commitment to maintaining a stable macroeconomic environment, despite current economic difficulties. This assurance was given during a key meeting with the Ghana Union of Traders Association (GUTA) at the Bank Square, where both parties discussed the implications of recent monetary policy decisions on businesses.
The engagement was part of the BoG’s broader efforts to interact with stakeholders following its Monetary Policy Committee (MPC) meetings. Addressing concerns from the business community, particularly about rising borrowing costs and economic hardships, BoG officials explained that current inflationary trends, both domestically and internationally, have required a firm policy response.
According to the bank, recent changes in the policy rate were driven by careful analysis of inflation, exchange rate movements, and global economic conditions. While acknowledging the short-term challenges posed by higher interest rates, the BoG stressed that these measures are necessary to control inflation and protect the long-term purchasing power of households and businesses.
During the meeting, the Central Bank presented a detailed briefing to GUTA’s leadership, underlining the importance of price stability in regaining investor trust and sustaining economic balance. Officials also highlighted the importance of collaboration with the business sector in shaping effective policies.
In a move towards greater transparency, the BoG revealed that it has, for the first time, published the individual voting decisions of its MPC members — a step in line with international standards, intended to boost public trust in the policy-making process.
Present at the meeting were senior BoG officials, including Dr. Philip Abradu-Otoo, Director of Research; Mr. Bernard Otabil, Director of Communications; Mr. Ismail Adam, Acting Head of Banking Supervision; and Mr. Ernest Nii Sowah Ahulu, Officer-in-Charge of the Financial Markets Department.
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Story by: Cindy Selasi | univers.ug.edu.gh
Edited by: Kuuku Osei Baidoo
