Bank of Ghana and GUTA officials in a group photo after the meeting
The Bank of Ghana (BoG) on Friday April 5, 2025 held a high-level meeting with the Ghana Union of Traders Association (GUTA) at the Bank Square to discuss issues of mutual interest, particularly the impact of recent monetary policy decisions on the business community.
The engagement forms part of the Bank’s broader post-Monetary Policy Committee (MPC) stakeholder consultations aimed at fostering transparency and strengthening collaboration with key economic actors.
During the meeting, the central bank acknowledged growing concerns among traders over rising borrowing costs and the broader implications of monetary policy decisions on business operations and economic activity.
In a presentation to GUTA executives, the BoG explained that inflationary pressures, both domestic and external, had necessitated a more proactive monetary policy stance.
This, the Bank noted, is crucial to anchoring inflation expectations and safeguarding the purchasing power of businesses and households.
The recent policy rate adjustments, the Bank emphasised, were based on rigorous economic analysis, taking into account factors such as inflation trends, exchange rate volatility, and global financial market conditions.
While acknowledging that higher interest rates could pose short-term challenges for businesses, the Bank underscored their importance in curbing inflation and preserving economic stability over the medium to long term.
The meeting also allowed both parties to exchange views on the evolving economic landscape and explore ways to enhance collaboration between the central bank and the business sector.
In a significant move toward transparency, the BoG announced that, for the first time since adopting the inflation-targeting monetary policy framework, the MPC had made public the voting decisions of its members.
The Bank said the initiative aligns with international best practices and aims to enhance public understanding of monetary policy decisions while building confidence in the policy-making process.
“Transparency in our decision-making fosters credibility, enabling businesses and investors to make informed decisions,” a BoG official stated.
Representing the Bank of Ghana were key officials 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 led by its President, Dr. Joseph Obeng, and supported by First Vice President Clement Boateng, Second Vice President Charles Gyan, and other senior executives.
MA
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