The Bank of Ghana (BOG ) has justified its decision to hold an emergency Monetary Policy Committee meeting on Thursday, July 17, 2025.

According to a statement, the move is part of its strategy to be proactive and responsive to policy formulation in the country.

The Bank of Ghana’s decision to hold an Emergency MPC meeting ahead of the Mid-Year Review of the 2025 Budget Estimates had been received with some mixed views by some industry watchers in the banking and financial sectors.

This is because some of the economic data that will be released by the Bank of Ghana will form part of the Finance Minister’s Mid-Year Review Presentation.

Therefore, the argument was that it would be prudent for the MPC meeting to be held after the presentation of the Mid-Year Review.

Speaking at UPSA-Absa Quarterly Roundtable programme , the Bank of Ghana Governor, Dr. Johnson Asiama disclosed that the Emergency Monetary Policy Committee meeting will not result in a new policy rate decision.

Policy Rate Decision

The Bank of Ghana in the statement also revealed that the next regular MPC meeting will be held from Monday, July 28, 2025, and conclude on Wednesday, July 30, 2025, with announcement of the policy decision, as scheduled.

According to some industry watchers, the latest data released by the Bank of Ghana is giving some strong indication that the policy rate, which currently stands at 28% will be reviewed downwards.

Favourable Economic Data

The MPC after the Emergency Meeting also alluded that the economy showed signs of significant improvement with a positive outlook.

“Real GDP [Gross Domestic Product] expanded by 5.3% the first quarter, driven by a strong growth in agriculture and services, while non-oil GDP rose by 6.8%”, the Bank of Ghana revealed.

“Another development that we should note or be guided by is the fact that the Bank’s Composite Index of Economic Activity increased by 4.4% year-on-year in May 2025, and the latest PMI [Purchasing Managers Index] readings point to rising business and consumer confidence", It added

“Private sector credit growth has also improved, reaching 19.9% in April, up from 10.8% a year earlier, with the contraction in real credit narrowing substantially”, it continued

The document also showed that  Ghana’s external position remains robust with a provisional trade surplus of US$5.6 billion in the first half of 2025, supported by strong gold and cocoa export receipts. The current account surplus has also widened to US$3.4 billion over the same period.

The development, the statement said has helped improve investor sentiment, bolstered by Ghana’s IMF-supported programme and better credit ratings.