BoG defends decision to hold policy rate at 14% amid global uncertainties
The Bank of Ghana (BoG) defended its decision to maintain the Monetary Policy Rate (MPR) at 14 per cent on Thursday, July 23, on Joy FM's Super Morning Show. Dr Philip Abradu-Otoo, the Bank of Ghana Director of Research, explained that the decision by the Monetary Policy Committee (MPC) at its 131st meeting was guided by a cautious assessment of both domestic and global economic conditions.
Dr Abradu-Otoo stated that easing global oil prices, a favourable inflation outlook, and strong external reserves gave policymakers confidence to keep borrowing costs unchanged while monitoring evolving economic risks. He recalled that when the MPC last met in May, crude oil prices had surged to more than US$100 per barrel. He explained that "The uncertainty in the global oil market and the level to which crude oil prices had risen were among the main reasons the committee maintained its policy stance." Dr Abradu-Otoo said the latest assessment showed that conditions had improved since the previous meeting.
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The Bank of Ghana (BoG) has defended its decision to maintain the Monetary Policy Rate (MPR) at 14 percent. This decision comes amid evolving global
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