The Governing Council of the Chartered Institute of Bankers (CIB Ghana) commends the Governor Asiama and the leadership of the Bank of Ghana for the invitation to CIB Ghana and Ghana Union Traders Association (GUTA) to observe the 124th Monetary Policy Committee (MPC) Meeting.
This inclusive and collaborative approach to MPC’s work is a truly significant step towards enhancing transparency and stakeholder engagement, an initiative that is warmly welcomed by the banking and finance community in Ghana.
This move fosters a greater understanding of the Bank’s mandate, and the intricate processes involved in formulating monetary policy.
It allows key stakeholders to gain firsthand insights into the analytical frameworks and critical considerations that shape the MPC’s policy stance. Such transparency is critical for fostering trust, enabling informed dialogue, and supporting collaborative solutions to Ghana’s economic challenges.
The Institute observed with appreciation the rigorous and structured processes employed during the MPC meeting. The quality of presentations, incisive questions by MPC members and the depth of discussions, which informed the data-driven monetary policy stance and decision, were insightful and educational.
The Members of MPC demonstrated a deep understanding of the economic models presented and a keen awareness of the real-world implications of monetary policy decisions.
It is the considered view of Chartered Institute of Bankers, Ghana, based on the data presented, that the Committee’s decision to maintain the policy rate at 28% is prudent and timely.
Given the prevailing economic conditions—both locally and globally- which include persistent inflationary pressures, global uncertainties, and the sticky domestic core inflation, the decision firmly anchors the disinflationary process and expectations.
The Governor’s decision to invite external observers to the MPC meetings is commendable; but most importantly, listening to different perspectives was impressive.
We welcome the revision to the dynamic Cash Reserve Ratio (CRR) requirements for banks, which decision was based on the data presented and various policy considerations and liquidity scenarios.
The Chartered Institute of Bankers, Ghana, stands ready to continue collaborating with the Bank of Ghana in its efforts to promote a stable, resilient, and transparent financial sector. It is the mandate of the Institute to promote banking education and to regulate the practice of the banking profession in Ghana.
In this regard, collaboration with the Bank of Ghana and the Ghana Association of Banks is necessary. We are optimistic that this newfound openness will pave the way for even deeper engagement and contribute significantly to the sustainable growth the banking sector and prosperity of the Ghanaian economy. We look forward to future opportunities to observe and contribute to these important policy discussions.
