The Bank of Ghana (BoG) has assured the Ghana Union of Traders Association, GUTA, of its commitment to sustaining a stable macroeconomic environment despite the challenges facing the economy.
This was said at a crucial meeting with the Union at the Bank Square to deliberate on matters of mutual interest and discuss the impact of recent monetary policy decisions on businesses.
The engagement forms part of the central bank’s broader stakeholder outreach efforts following its Monetary Policy Committee (MPC) meetings.
Acknowledging concerns raised by the business community, over the effects of rising borrowing costs and broader economic challenges, officials of the Central Bank noted that inflationary pressures both locally and globally have necessitated a proactive policy stance.
Recent adjustments to the policy rate, it explained, were based on rigorous analysis of inflation trends, exchange rate developments, and global financial conditions.
While conceding that higher interest rates could pose short-term difficulties for businesses, the Bank maintained that such measures are essential to anchor inflation expectations and protect the purchasing power of households and enterprises over the long term.
During the meeting, the BoG made a special presentation to GUTA’s executive team, emphasizing that price stability is vital to restoring investor confidence and maintaining economic equilibrium. It also stressed that collaboration with key business stakeholders remains central to shaping effective monetary policy.
In a notable move to promote transparency and accountability, the BoG announced that, for the first time since the inception of its inflation-targeting monetary policy framework, it had published the individual voting decisions of MPC members. This step, the Bank said, aligns with international best practices and is aimed at strengthening public confidence in the policy-making process.
The meeting was attended by key officials of the Bank including Dr. Philip Abradu-Otoo, Director of Research; Mr. Bernard Otabil, Director of Communications; Mr. Ismail Adam, Acting Head of the Banking Supervision Department; and Mr. Ernest Nii Sowah Ahulu, Officer-in-Charge of the Financial Markets Department.
GUTA was represented by its President, Dr. Joseph Obeng, along with key executives.
