The Bank of Ghana (BoG) has hosted a high-level forum focused on the modernisation of monetary policy formulation and implementation across the sub-region.
The forum, held in partnership with IMF AFRITAC West 2, brought together Deputy Governors and senior central bank officials from countries across the sub-region to discuss developments in monetary policy and ways to strengthen its effectiveness.
The discussions focused on improving the frameworks and tools used by central banks to formulate and implement monetary policy in response to changing economic conditions.
The Governor of the Bank of Ghana, Dr Johnson Asiama in a remark noted that monetary policy decisions have a direct impact on the daily lives of citizens, influencing borrowing costs for businesses, the purchasing power of households and the livelihoods of farmers and traders.
Against this backdrop, the Bank said it was continuing efforts to strengthen Ghana’s monetary policy framework by enhancing transparency in decision-making and deepening the use of data and economic analysis.
The Bank also emphasised the importance of institutional independence in ensuring that monetary policy decisions remain focused on safeguarding price stability.
It said a strong and credible monetary policy framework was essential to protecting the value of the Ghanaian Cedi and supporting economic stability.
The Bank of Ghana reaffirmed its commitment to strengthening its monetary policy framework to promote price stability and protect the economic welfare of Ghanaians.
