The Bank of Ghana (BoG) has announced that it will hold an emergency Monetary Policy Committee (MPC) meeting tomorrow July 17, 2025.

According to a notice, the meeting will review developments in the economy over the past two months.

The notice also disclosed that a policy decision of the committee will be announced on Friday July 20 after the meeting.

The Policy rate currently stands at 28 percent. There has been a strong push by businesses and industry watchers for the policy rate to be reduced.

This is due to the fact that inflation has witnessed a significant reduction over the past months, since December last year. Inflation is currently at 13.7 percent.

Background

The Bank of Ghana on July 7, 2025 revised the date for the Monetary Policy Committee from Monday July 28, 2025 to Wednesday July 30 2025. At that time persons close to the central bank told JOYBUSINESS that the initial date could clash with the date proposed by Finance Ministry for the Mid-Year Budget review.

Policy Rate cut possible? 

Initial engagement with some members of the Monetary Policy Committee have shown some mixed views or reactions. While some are for a policy rate cut, others think the best decision, is to still hold on for while looking at current developments on the international market. 

The IMF in its latest Staff Report also pushed for some monetary tightening to help bring inflation down to some appreciable levels.  The IMF has again revised its end year inflation target from 12 percent to 8 percent.

It is not clear, whether the Monetary Policy Committee will yield to the current pressure and cut the Policy Rate by a significant margin when it concludes the meeting later this week.