The Bank of Ghana (BoG) has reiterated its commitment to maintaining a stable macroeconomic environment amid ongoing financial challenges.
This assurance was given during a high-level engagement with the Ghana Union of Traders Association (GUTA), held at the Bank Square, as part of the central bank’s stakeholder outreach efforts following its recent Monetary Policy Committee (MPC) meeting.
At the meeting, officials from the BoG addressed concerns raised by GUTA over the increasing cost of borrowing and the wider impact of recent monetary policies on trading activities.
The Bank acknowledged that global and domestic inflationary pressures have demanded a proactive policy response, explaining that recent adjustments to the policy rate were carefully considered in light of inflation trends, exchange rate movements, and global financial dynamics.
Although the BoG conceded that elevated interest rates may create short-term hardships for businesses, it stressed that such measures are vital to managing inflation expectations and preserving the long-term purchasing power of consumers and enterprises.
The Bank presented a case for these policies as a necessary step to restore economic confidence and promote lasting macroeconomic balance.
The BoG shared with GUTA that it had, for the first time under its inflation-targeting regime, published the individual voting records of MPC members.
This, it stated, is a bold step towards greater transparency and aligns with global best practices, aimed at building public trust in the decision-making process of the central bank.
The meeting brought together senior officials from the BoG, including Dr. Philip Abradu-Otoo, Director of Research; Mr. Bernard Otabil, Director of Communications; Mr. Ismail Adam, Acting Head of Banking Supervision; and Mr. Ernest Nii Sowah Ahulu, Officer-in-Charge of Financial Markets. GUTA’s President, Dr. Joseph Obeng, led the traders’ delegation in the discussions, which both parties agreed were constructive and essential to future economic policy formulation.
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