Cedi depreciation to dominate BOG MPC emergency meeting

Cedi depreciation to dominate BOG Monetary Policy Committee emergency meeting

The Bank of Ghana’s (BOG) Monetary Policy Committee (MPC) will hold an emergency meeting today, August, 17, 2022.

In a statement, the Central Bank explained that the meeting would be an avenue to review recent economic developments.

The issues expected to be discussed include the continued depreciation of the cedi against the US dollar and the country’s rising inflation.

Cedi depreciation to dominate BOG Monetary Policy Committee emergency meeting

Meanwhile, global investment and research firm, Goldman Sachs, has predicted that the Bank of Ghana will raise its policy rate by 200 basis points when it concludes its meeting to respond to the current economic challenges.

The firm said in a research update issued yesterday, August, 16, 2022  that the central bank would raise the rate from the current 19% to 21% an attempt to calm the turbulence in the foreign exchange market and help ease inflationary pressures.

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