The Director of Research at the Institute of Economic Affairs (IEA), Dr John Kwakye has said that monetary policy needs resetting as the year ends with inflation of 23%, Policy Rate of 27% and depreciation of 20%.
To him, the time has come for the Bank of Ghana (BoG) to be made more accountable for delivering its inflation and exchange rate mandates.
The primary objective of the Bank of Ghana is to pursue sound monetary policies aimed at price stability and creating an enabling environment for sustainable economic growth.
Price stability in this context is defined as a medium-term inflation target of 8 percent with a symmetric band of ±2 per cent at which the economy is expected to grow at full potential without excessive inflation pressures.