The Bank of Ghana will announce its updated Monetary Policy Rate on November 25, following recent cuts aimed at balancing inflation control and economic growth
The Bank of Ghana (BoG) is set to unveil its updated Monetary Policy Rate on November 25, 2024, following its 121st Monetary Policy Meeting, which commenced on November 20 and concludes on November 22.
This meeting comes on the heels of a previous rate cut to 27%, a move aimed at easing borrowing costs. The decision marked the second rate reduction since 2021, following an extended period of tight monetary policy that sought to tame inflation. The rate had previously been held at 29% for nine months after an earlier reduction from 30% in January 2024.
The BoG’s recent policy adjustments reflect efforts to balance inflation control with fostering a conducive business environment. Analysts and industry observers anticipate further cuts to stimulate economic activity as the year draws to a close, particularly given global economic pressures and domestic fiscal constraints.
