BoG reschedules MPC meeting; to announce “IMF-influenced” policy rate on October 7
The Central Bank has rescheduled the announcement of a new policy rate to October 7, 2022.
The decision by the bank followed the break and re-scheduling of its 108th Monetary Policy Committee (MPC) meeting which started on September 21, 2022.
The MPC meeting was anticipated to end on Friday, September 23, 2022 with the new policy rate announced at a press briefing held by the Central Bank on Monday, September 26, 2022.
According to the Central Bank in a press statement on Thursday, September 22, 2022, the decision to break and reschedule its MPC meeting is so that, the “MPC meeting coincide with the end of the IMF mission to allow for the decision on the policy rate to benefit from broader discussions to be held during the period.”
IMF’s last mission to the country on the back of Ghana’s $3bn bailout request is expected to within next week or the first week of the month of October.
Already, the IMF as part of conditions for granting Ghana the $3bn bailout request, has told government to restructure its domestic debt.
A domestic debt restructuring by the government is likely to hurt banks in the country, given their high exposure to government debt.
The October 7 policy rate to be announced by the BoG, is likely to be influenced by the IMF, given the fact that the BoG has re-scheduled its MPC meeting to include the opinions, concerns and thoughts of the last IMF mission to the country.
Notice of Change MPC Press Release for September 2022 by Fuaad Dodoo on Scribd
