Bank of Ghana Set to Announce New Monetary Policy Rate on November 25

The Bank of Ghana (BoG) is currently holding its 121st Monetary Policy Committee (MPC) meeting, which began on Wednesday, November 20, and will conclude on Friday, November 22, 2024. The focus of these meetings is to evaluate the nation’s economic performance, particularly inflation trends and overall macroeconomic stability.

This meeting comes on the heels of the BoG’s recent decision to lower the Monetary Policy Rate to 27% during its previous session, marking a second rate cut since 2021. This adjustment followed a prolonged period of tight monetary policies aimed at curbing high inflation. Earlier in January 2024, the rate was reduced from 30% to 29%, where it remained stable for nine months.

The reduction to 27% was intended to provide financial relief to borrowers and stimulate economic activity as the year draws to a close. Many economic analysts speculate that the BoG may introduce further rate cuts to create a more favorable environment for businesses and consumers.

The anticipated announcement of the new Monetary Policy Rate is scheduled for Monday, November 25, 2024. The outcome will reflect the Bank’s assessment of inflationary pressures, currency performance, and other key economic indicators.

This decision is expected to have significant implications for lending rates, investment flows, and the broader economic landscape, with businesses and financial institutions closely monitoring the announcement.