BoG postpone interest rate decision to coincide with IMF mission

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The Bank of Ghana (BoG) has announced the postponement of its upcoming interest rate decision to coincide with the end of an International Monetary Fund [IMF] mission to the country.

Ghana in July requested an economic bailout from the International Monetary Fund where a series of discussions between the government and the IMF have been held.

Meanwhile, the Managing Director of the International Monetary Fund, Kristalina Georgieva, has noted that a deal between Ghana and the IMF should be reached and finalized before the end of the year.

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Following this, the BoG initially scheduled Monday, September 26, 2022, for a decision on the interest rate to coincide with the IMF mission however has been rescheduled to Friday, October 7.

The decision was announced Friday, September 23, 2022, in a statement from the BoG.

“The Bank of Ghana is rescheduling its 108th Monetary Policy Committee meeting to coincide with the end of the IMF mission to allow the decision on the policy rate to benefit from the broader discussions to be held during the period. A decision on the stance of monetary policy will be announced on 7 October 2022,” the statement explained.

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This follows after the central bank had in last month August raised its main lending rate by 300 basis points (3 per cent) to 22%, citing risks to the inflation outlook.

The decision was reached at an emergency meeting of the Monetary Policy Committee (MPC) to review the recent economic development in Ghana and other economic challenges.

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