MPC skips press briefing, as concerns mount over ‘excessive’ FX involvement ahead of elections

The Bank of Ghana (BoG) is set to announce its latest monetary policy decision on Friday, November 29, 2024, via a press statement, foregoing its usual press briefing. The move has drawn speculation from analysts who view it as a strategy to avoid public scrutiny amid economic challenges and pre-election pressures.

Key issues include the depreciation of the cedi, which fell 24.3% against the dollar year-to-date by September but has recently rallied, supported by BoG’s injection of $199.8 million into the forex market.

Inflation rose to 22.1% in October, while the policy rate remained at 27%, raising questions about the central bank's effectiveness in addressing economic instability.

Critics have accused BoG of politically motivated interventions to stabilize the cedi ahead of elections, with concerns about its independence and potential reserve depletion. The decision also coincides with government efforts to secure further IMF disbursements.