The Bank of Ghana’s Monetary Policy Committee (MPC) commenced its 124th meeting on Wednesday, May 21, 2025, focusing on recent macroeconomic developments, including the Ghanaian cedi’s performance and inflation trends. The meeting, chaired by BoG Governor Dr. Johnson Asiama, aims to assess the effectiveness of current monetary policies and determine future directions.
Since January 1, 2025, the cedi has appreciated by 17.17% against the US dollar, trading at GH¢12.23 per dollar on the interbank market as of May 19. This appreciation is attributed to factors such as increased foreign exchange inflows and improved investor confidence. However, some economists caution that a rapid appreciation could negatively impact export competitiveness.
Inflation has shown signs of easing, with April 2025 figures at 21.2%, down from 22.4% in March. This decline is influenced by reductions in both food and non-food inflation. At its previous meeting in March, the MPC raised the policy rate by 100 basis points to 28% to anchor inflation expectations.
Analysts anticipate that the MPC will maintain the current policy rate, adopting a cautious approach to allow recent measures to permeate the economy. The committee is also expected to deliberate on the implications of the cedi’s appreciation and strategies to sustain economic stability.
The MPC’s policy decision will be announced at a press briefing on Friday, May 23, 2025, with significant implications for lending rates, investor sentiment, and broader economic activity.
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