MPC decisions will now be transparent, not behind closed doors – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has assured Ghanaians that decisions by the Monetary Policy Committee (MPC) will no longer be made behind closed doors but will be more transparent to build public trust.

Speaking during the opening of the 123rd MPC meeting in Accra on Monday, March 24, Dr. Asiama acknowledged concerns about the opacity of the Committee’s decision-making process and pledged to implement measures that will make its deliberations more accessible.

“There’s a growing sense in public commentary that MPC decisions are taken behind closed doors without clear, data-driven reasoning,” he admitted.

“To counter this, I am proposing that we implement mechanisms to make the Committee’s decision factors more accessible—whether through publishing voting outcomes or enhancing the narrative content of our policy statements," said the BoG boss.

He further noted that simplifying the way the Bank presents its economic forecasts will help the public and market participants better understand the rationale behind monetary policy decisions.

“We need to work on simplifying the way we present forecasts so the public and market participants can better understand the underlying policy story. These changes, in my view, will strengthen our credibility and deepen trust in the policy framework,” he stated.

Meanwhile, the MPC is a body responsible for setting the country’s monetary policy rate.