Bank of Ghana to hold 118th MPC press conference today; Cedi fall, IMF deal to feature strongly
The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will be holding the 118th press conference in Accra today Monday, May 27.
The Governor of the BoG, Dr Ernest Addison is expected to announce key measures to curtail the free fall of the Cedi against the major trading currencies. The third tranche of $360 million cash from the International Monetary Fund (IMF) which is expected in Ghana, all things being equal, in June, is also expected to feature in today’s press conference.
Also, the MPC is expected to announce whether or not to reduce the current policy rate of 29 per cent.
At the last MPC press conference, the Bank maintained the rate the rate at 29. It is unclear whether it will keep it at that times time around.
Analysts including the Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye, asked the BoG to slash its Policy Rate (PR) drastically.
In his view, reducing the rate drastically will trigger a decline in the ‘artificially high’ lending rates, which he noted are suffocating the economy.
