BoG reschedules interest rate decision to coincide with end of IMF mission

The bank’s Monetary Policy Committee hopes that rescheduling the rate decision will “allow the decision… to benefit from the broader discussions to be held during that period”

The Bank of Ghana (BoG) said it has rescheduled its upcoming interest rate decision to 7 October from 26 September, to coincide with the end of an IMF mission to the country.

“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 BoG said in a statement.

The central bank raised its main lending rate by 300 basis points to 22% last month at an emergency meeting to address inflation, running above 30%, and other economic problems.

Ghana formally requested assistance from the International Monetary Fund in July, and a team is expected to arrive in the country early next week.

Sources have previously said that the IMF’s next visit would likely coincide with the beginning of a Debt Sustainability Assessment.

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