BoG to hold emergency MPC meeting on July 17, 2025

BoG to Hold Emergency MPC Meeting on July 17, 2025

The Bank of Ghana (BoG) has announced that it will convene an emergency Monetary Policy Committee (MPC) meeting on Wednesday, July 17, 2025, in response to mounting macroeconomic pressures including rising inflation, currency depreciation, and global market volatility.

This unscheduled session comes barely a month after the committee’s last regular meeting and signals heightened concern within Ghana’s central bank over the direction of the economy.

In a statement released on Monday, the BoG said:

“The emergency meeting is intended to assess evolving risks to the inflation outlook, currency stability, and external financing conditions.”

Context: Inflation and Currency Concerns

Ghana’s year-on-year inflation rose unexpectedly to 13.6% in June 2025, reversing a three-month decline and sparking renewed worries among businesses and consumers. Additionally, the cedi has depreciated sharply against the US dollar in recent weeks, trading above GH₵15.20 to $1, placing further strain on importers and fueling cost-of-living increases.

Analysts say the decision to call an emergency MPC meeting reflects pressure on the central bank to act decisively to contain inflationary expectations and shore up the cedi.

“The BoG is clearly under pressure to respond with either a rate hike or additional forex market intervention,” said Dr. Regina Osei, a senior economist at the Institute for Fiscal Studies.

Possible Outcomes of the Meeting

Market observers are anticipating that the BoG could:

• Raise the policy rate to curb inflation and slow down cedi depreciation

• Announce enhanced measures to stabilize the currency market

• Signal future interventions in the bond and treasury bill markets

• Issue forward guidance to anchor market expectations

The current policy rate stands at 29.5%, one of the highest in Africa, but analysts say that may not be enough to curb the latest economic pressures.

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The emergency meeting has heightened anticipation among commercial banks, investors, and international partners, particularly the IMF, which is monitoring Ghana’s economic reform programme under the Extended Credit Facility (ECF).

Business groups have also expressed hope that the BoG’s actions will bring stability to the markets ahead of the second half of the year.

“The private sector is struggling with rising costs. We need monetary policy that gives us some predictability,” said Seth Adjei, spokesperson for the Ghana Chamber of Commerce.

Conclusion

The BoG’s emergency MPC meeting on July 17, 2025, is a critical moment for Ghana’s economic trajectory. As inflationary and currency pressures mount, all eyes are on the central bank to deliver policy responses that restore confidence and economic stability in the short term.

Top Knowledge TV will provide full coverage and expert analysis immediately following the meeting.

???? Stay tuned to #TopKnowledgeTV for LIVE post-MPC breakdown and reaction from leading economists.
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