Emergency MPC Meeting Signals Economic Changes in Ghana

The Bank of Ghana convened an emergency Monetary Policy Committee meeting to review economic developments. This meeting, initially scheduled for late July, aims to assess inflation and fiscal policies. The outcome is expected on Friday. Inflation has been declining, with consumer prices dropping to their lowest since 2021.

In an unexpected move, Ghana's central bank has called an emergency meeting of its Monetary Policy Committee (MPC), aimed at evaluating recent economic trends. Initially planned for later in the month, this session addresses pressing fiscal issues as the nation grapples with shifting economic indicators.

The announcement made on Wednesday indicates this critical assessment will focus on inflation, exchange rate stability, and fiscal consolidation. The results, including any changes in policy direction, are slated to be revealed on Friday. The last MPC meeting in May saw no change in the policy rate of 28.0%.

Ghana's inflation landscape is showing improvement, with consumer prices dropping for the sixth consecutive month to 13.7% in June, the lowest since 2021. Meanwhile, producer price inflation was halved to 5.9% in the same month. Additionally, the finance minister plans to present a mid-year fiscal policy review soon.

(With inputs from agencies.)