Thirdly, globalisation could affect other aspects of the inflation process and the conduct of monetary policy: the slope of the Phillips-curve, the wedge between the “socially optimal” and the “natural” or “potential” output level, the “natural rate of unemployment” or NAIRU and even the relative emphasis placed on preserving price stability by the central bank when formulating monetary policy.
The Bank of Ghana’s policy and regulatory measures since March 2020 have included:   a 150 basis points reduction in our monetary policy rate;    a reduction of the Capital Conservation Buffer for banks from 3 percent to 1.5 percent; 4    a reduction of the Cash Reserve Requirement for banks from 10 percent to 8 percent;    a reduction of the 8 percent primary reserve ratio of savings and loans companies, finance house companies, and rural and community banks to 6 percent, and the 10 percent primary reserve ratio of micro finance companies to 8 percent.