Ghana central bank convenes emergency meeting on economy

Ghana's central bank has convened an emergency meeting of its Monetary Policy Committee to assess recent economic developments, the bank said in a statement on Thursday.

The Bank of Ghana's fourth rate-setting MPC meeting for the year had initially been slated to start on July 28, with the rate decision expected on July 30.

In a statement released late on Wednesday, the central bank said the MPC would "review recent developments in the economy" during the special session.

The outcome of the meeting, including any policy decisions, will be announced on Friday.

Tight monetary policy

The Bank of Ghana last held a scheduled MPC meeting in May, where it opted to maintain the policy rate at 28.0%, maintaining its tight monetary policy as inflationary pressures continued to ease due to exchange rate stability and fiscal consolidation.

Ghana's consumer price inflation slowed for the sixth month in a row to 13.7% in June, its lowest level since 2021, while the bellwether producer price inflation fell to 5.9% year-on-year in June compared with 10.2% the previous month.

The finance minister is expected to present the cocoa, gold, and oil-producing West African nation's mid-year fiscal policy review on July 24.