The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama will today March 24, 2025 chair his first Monetary Policy Committee (MPC) meeting to review developments in the economy.

The meeting, which starts today, is expected to end on Wednesday March 26, 2025.

The committee is expected to engage the media on Friday March 28, and announce its decision on the policy rate.

Focus and top on the agenda

The main focus of the committee is to review developments in the economy and take measures to control inflation rate, which is currently around 23.1 percent.

Government is projecting an-end year inflation rate of 11.9 percent.

Some analysts have argued that committee may hike the rate.

Another issue that may be considered is whether to hike the policy rate to offer some compensation to investors, due to the reduction in Treasury Bills rate over the past two months.

Some persons with knowledge of the workings of the committee have indicated that the committee may be forced to increase the policy rate.

Proposed reforms

Dr. Asiama before the meeting had proposed several reforms to enhance transparency of the committee.

Key among them is changes to the Monetary Policy Framework, and also publishing the minutes of the committee meeting as well as the voting pattern of members.

Dr. Asiama has also promised to carry out some post engagement, with the private sector and the Ghana Union of Traders Association (GUTA).

It is not clear for now whether these proposed reforms will start with this current committee meeting.

The Policy Rate often impacts the cost of credit in the country and also gives some direction in terms of interest rate outlook in the coming months.