Monetary Policy Committee of BoG to meet again over economic developments

The Monetary Policy Committee of the Bank of Ghana will on Tuesday, September 20 begin a three-day meeting to assess recent economic developments in the country.

A statement from the Central Bank indicated that the meeting will be climaxed by the communication of decisions reached on September 26.

“The Monetary Policy Committee (MPC) of the Bank of Ghana will hold its 108th Regular meetings from Tuesday September 20, 2022 to Friday September 23, 2022 to review developments in the economy

“The meeting will conclude with a press conference on Monday September 26, 2022 to announce the decisions of the Committee,” the statement read.

The Bank of Ghana recently held an emergency meeting on the challenges facing the country’s economy on August 17.

The meeting culminated in the announcement of an increase in the monetary policy rate by 300 basis points to hit 22 percent from an earlier 19 percent rate.

It followed months of skyrocketing inflation rate, depreciation of the Cedi, fuel price hikes and downgrade of the country’s economy by global rating agencies, Standard and Poor's (S&P) and Fitch.

The Cedi at the time was trading at GH¢10 to a dollar however it has shown signs of appreciation in recent weeks.

Meanwhile, a $750 million Afreximbank loan facility contracted by the government is also expected to shore up the BoG’s reserves to address the free fall of the Cedi.

Ghana is said to be targeting an amount of $3 billion over three years from the International Monetary Fund once an agreement on a programme is reached. The new amount requested as a loan was double the government’s initial target of $1.5 billion.

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DS/MA