BoG holds talks with traders, vows to maintain market stability

The Bank of Ghana (BoG) is committed to a stable economy. This assurance was given during a meeting with the Ghana Union of Traders Association (GUTA). The meeting took place at the Bank Square after the recent Monetary Policy Committee (MPC) meeting.

BoG officials addressed GUTA's concerns about rising borrowing costs. They also discussed how recent monetary policies affect trading activities.

The Bank recognized that inflation pressures require proactive policy responses. They explained that changes to the policy rate were carefully considered. These considerations included inflation trends, exchange rates, and global financial dynamics.

While acknowledging high interest rates may cause short-term difficulties, BoG emphasized their importance. Such measures help manage inflation expectations and protect long-term purchasing power.

The Bank argued these policies are necessary for restoring economic confidence. They aim to promote lasting macroeconomic balance.

For the first time under its inflation-targeting regime, BoG published voting records of MPC members. This move aims to increase transparency and align with global best practices. It is intended to build public trust in the central bank's decision-making process.

The meeting included senior BoG officials like Dr. Philip Abradu-Otoo and Mr. Bernard Otabil. GUTA’s President, Dr. Joseph Obeng, led the traders' delegation in discussions. Both parties found the talks constructive and essential for future economic policy formulation.