BoG schedules first MPC meeting of 2023 for January 24

The Monetary Policy Committee (MPC) of the Central Bank is expected to commence its first meeting of the year to review economic developments in the country.

The 110th meeting of the Committee, is scheduled to take place from Tuesday, January 24 to Friday, January 27, 2023. It will entail the initiation of proposals for the formulation of the central banks’ policies, provision of statistical data, and economic advice.

Chairman of the Committee and BoG Governor, Dr. Ernest Addison will after the meeting, announce the decision and interventions taken particularly on the monetary policy rate which will impact the cost of credit for the next three months of the year.

At its last meeting of 2022, the BoG hiked the monetary policy rate from 24.5 percent to 27 percent to stem inflation which has been soaring throughout the year.

The development has been coupled with rising cost of living, collapse of businesses and Ghana’s decision to turn to the International Monetary Fund (IMF) for financial bailout.

Although Ghana has secured a Staff-Level Agreement with the fund for an amount of $3 billion under an Extended Credit Facility, government has announced plans to undertake a Domestic Debt Exchange Programme.

Under the programme, government is inviting domestic bondholders to voluntarily swap their bonds for fresh ones. It is targeting approximately GH¢137.3 billion of principal amount, outstanding of certain domestic notes and bonds issued by the government.

MA/FNOQ