BoG Holds Post-MPC Meeting With GUTA Members

The Bank of Ghana has held a meeting with the Ghana Union of Traders Association (GUTA) at the Bank Square today, April 4, 2025, to discuss matters of mutual interest as part of the broader stakeholder engagements post Monetary Policy Committee (MPC) meetings.

The Bank acknowledged the concerns of the business community, especially traders, regarding the implications of monetary policy decisions on borrowing costs, business operations, and overall economic activity, and assured GUTA that it remained committed to fostering an enabling macroeconomic environment that supported sustainable growth, price stability, and financial stability.

The Bank explained that inflationary pressures, both external and domestic, have necessitated a proactive policy stance to anchor inflation expectations and safeguard the purchasing power of businesses and households. The recent policy rate adjustment, the Bank explained, was informed by rigorous economic analysis, considering developments in inflation, exchange rate movements, and global financial conditions.

In a presentation to the Executives of GUTA, the Bank explained why higher interest rates may pose short-term challenges for businesses but are essential in curbing inflationary pressures that could erode business confidence and economic stability over the medium to long-term.

The meeting provided Bank of Ghana and GUTA the opportunity to engage in constructive discussions, exchange views on the impact of monetary policy decisions and explore ways to strengthen collaboration between the Bank and the business sector.

For the first time since the inception of the inflation-targeting monetary policy strategy, the MPC has made public its voting decisions in line with international best practices in central banking transparency and accountability. By providing insights into how each member of the Committee voted, the Bank aims to  enhance public understanding of monetary policy decisions and strengthen confidence in the policy making process. Transparency in decision-making fosters credibility, helping businesses and investors make informed decisions.

In attendance were Directors of the Bank of Ghana including, Dr. Philip Abradu Otoo, the Director of Research, Mr. Bernard Otabil, Director of Communications, Mr. Ismail Adam, the Acting Head of the Banking Supervision Department, and Mr. Ernest Nii Sowah Ahulu, the Officer-in-Charge of the Financial Markets Department of the Bank. GUTA was represented by its President, Dr. Joseph Obeng, the First Vice President, Clement Boateng, the Second Vice President, Charles Gyan and other executives of the association.