{"id":73216,"date":"2024-05-13T17:50:39","date_gmt":"2024-05-13T17:50:39","guid":{"rendered":"https:\/\/www.africa-press.net\/ghana\/?p=73216"},"modified":"2024-05-13T17:39:30","modified_gmt":"2024-05-13T17:39:30","slug":"slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference","title":{"rendered":"Slash 29% policy rate drastically \u2013 Economist tells BoG ahead of 118th MPC press conference"},"content":{"rendered":"<p><span style=\"color: #ff6600\"><strong>Africa-Press &#8211; Ghana. <\/strong><\/span><b>The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) must reduce the 29% policy rate drastically, economist Dr John Kwakye, has said.<\/b><\/p>\n<p>In the view of Dr Kwakye, there can be no justification for the MPC to hold onto the 29 percent rate.<\/p>\n<p>\u201cThere can be no justification for BoG to hold on to its PR of 29%, described by the IMF as the highest in real terms in South Sahaha Africa.<\/p>\n<p>There can be no justification for BoG to hold on to its PR of 29%, described by the IMF as the highest in real terms in SSA. The MPC must slash the PR drastically by at least 250 basis points. The PR isn\u2019t the solution to the current inflation with strong supply undercurrents.<\/p>\n<p>\u201cThe MPC must slash the policy rate drastically by at least 250 basis points. The PR isn\u2019t the solution to the current inflation with strong supply undercurrents,\u201d the Director of Research at the Institute of Economic Affairs (IEA) wrote on X ahead of the 118th MPC press conference scheduled to take place on Monday, May 27.<\/p>\n<p>According to the IMF, Ghana has the highest real Policy Rate in Sub-Saharan Africa. This is unacceptable and strangulating the economy. With inflation dropping sharply from 54% at end-2022 to 25% at end-April 2024, BoG must slash its PR drastically from the current level of 29%.<\/p>\n<p>He further stated \u201cAccording to the IMF, Ghana has the highest real Policy Rate in Sub-Saharan Africa.<\/p>\n<p>\u201cThis is unacceptable and strangulating the economy. With inflation dropping sharply from 54% at end-2022 to 25% at end-April 2024, BoG must slash its PR drastically from the current level of 29%.\u201d<\/p>\n<p>The BoG maintained the policy rate at 29 percent at the 117th MPC press conference in Accra on Monday, March 25. Chair of the Committee Dr Addison announced at a press conference in Accra on Monday that although the inflation rate dropped marginally, the MPC decided to further monitor the trends hence the decision to maintain the policy rate.<\/p>\n<p>\u201cThe committee therefore decided to maintain the policy rate at 29 %,\u201d he said. Monetary Policy Committee keeps policy rate at 29%<\/p>\n<p><strong>For More News And Analysis About <a href=\"https:\/\/www.africa-press.net\/ghana\">Ghana<\/a> Follow <a href=\"https:\/\/www.africa-press.net\/\">Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Africa-Press &#8211; Ghana. The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) must reduce the 29% policy rate drastically, economist Dr John Kwakye, has said. In the view of Dr Kwakye, there can be no justification for the MPC to hold onto the 29 percent rate. \u201cThere can be no justification for BoG [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":73215,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5],"tags":[5092,5096,429],"class_list":["post-73216","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","tag-africa-press","tag-africa-press-ghana","tag-ghana"],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v26.1 (Yoast SEO v27.0) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Slash 29% policy rate drastically \u2013 Economist tells BoG ahead of 118th MPC press conference - Ghana<\/title>\n<meta name=\"description\" content=\"The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) must reduce the 29% policy rate drastically, economist ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Slash 29% policy rate drastically \u2013 Economist tells BoG ahead of 118th MPC press conference\" \/>\n<meta property=\"og:description\" content=\"The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) must reduce the 29% policy rate drastically, economist ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\" \/>\n<meta property=\"og:site_name\" content=\"Ghana\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-05-13T17:50:39+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715609335.450894.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"850\" \/>\n\t<meta property=\"og:image:height\" content=\"498\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Slash 29% policy rate drastically \u2013 Economist tells BoG ahead of 118th MPC press conference\",\"datePublished\":\"2024-05-13T17:50:39+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\"},\"wordCount\":366,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/ghana\/sites\/18\/2024\/05\/sm_1715609335.450894.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Ghana\",\"ghana\"],\"articleSection\":[\"all news\",\"Economy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\",\"url\":\"https:\/\/www.africa-press.net\/ghana\/all-news\/slash-29-policy-rate-drastically-economist-tells-bog-ahead-of-118th-mpc-press-conference\",\"name\":\"Slash 29% policy rate drastically \u2013 Economist tells BoG ahead of 118th MPC press conference - 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