The impending MPC meeting, according to a BoG statement, will conclude with a press conference on Monday, November 21, 2016, to announce the decision of the committee on the appropriate positioning of the bank’s policy rate.
The MPC consists of seven members chaired by the BoG Governor Dr. Abdul-Nashiru Issahaku, who meets once in every two months to assess economic conditions and risks to the inflation outlook, after which a policy decision is made on positioning the Monetary Policy Rate (MPR).
Each MPR decision provides a signal of tightening (increase), loosening (decrease) or maintaining (no change) the monetary policy stance.
The policy decision is arrived at by consensus with each member stating reasons underlying a preferred rate decision.
The bank’s primary objective is to pursue sound monetary policies aimed at price stability and creating an enabling environment for sustainable economic growth.
Per the procedure adopted by the committee, an MPC policy statement is published via a press release, and a press conference is held, after each MPC meeting to communicate and explain the decision of the committee to the financial markets and the general public.
At the last meeting in mid September, the MPC decided to maintain the monetary policy rate at 26 per cent, after assessing the prevailing economic conditions.
“The committee will continue to monitor developments in the economy and take appropriate actions, if necessary, towards attaining the medium-term inflation target over the forecast horizon,” said Dr. Issahaku.
By Times Reporter