Bank of Ghana BOG to announce Monetary Policy Rate

This will be the second monetary policy announcement for the new governor of the Bank of Ghana, Dr. Abdul Nahir Issahaku, who personally assured Ghanaians that the inflation targets for 2016 would be achieved.

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Financial sector players expect the Monetary Policy Committee of the Central bank to take more decisive steps towards meeting government’s inflation target of 8 plus or minus 2 for 2016, as the Bank of Ghana gets ready to announce the latest monetary policy rate today, Monday, 18 July, 2016.

This will be the second monetary policy announcement for the new governor of the Bank of Ghana, Dr. Abdul Nahir Issahaku, who personally assured Ghanaians that the inflation targets for 2016 would be achieved.

READ MORE: Bank of Ghana Dr. Abdul Issahaku to deliver first monetary policy address on May 16

Currently, the inflation rate for the month of June stands at 18.7%, way off of the targets for 2016, looking at the fact that a half of the year is already gone.

Apart from the inflation rate, other issues to be addressed by the Governor of the Bank of Ghana, is the passage of the Depositors’ Protection Bill, and how it will help sanitize operations of non-banking financial institutions going forward, and general protection of customers.

Seeing as the monetary policy rate takes into account the performance of the local currency against other major currencies, the Governor of the Bank Ghana is expected to touch on the relative stability of the Ghana Cedi for the first half of the year, and how well it is likely to do in the next half of the 2016.