The Monetary Policy Committee (MPC) of the Bank of Ghana is set to hold its 66th regular meeting on Friday September 11, 2015 to review developments in the economy.
The meeting will conclude with a press conference on Monday September 14, 2015 to announce the decision of the MPC on the appropriate positioning of the Bank’s policy rate.
Though not announced yet, the depreciation of Ghana’s local currency, the cedi, will dominate the meeting.
Ghana’s ballooning debt and government’s budget financing by the Central Bank are possible topics to be addressed.
The Governor of the Bank of Ghana, has already attributed the fast depreciation of the cedi to speculators whom he says are hoarding the dollar in anticipation of a decline in the value of the local currency.
As part of the measures to reverse the depreciation, the Bank of Ghana announced it will pump GHS20 million dollars into the economy every week to reduce the excess demand for the dollar.
