BoG Announces Dates For 2023 MPC Meetings

The Bank of Ghana (BoG) is expected to hold six Monetary Policy Committee (MPC) meetings in the year 2023.

The first will be held from January 24-27.

The rest of the meetings will be held from March 22-24; May 17-19; July 19-21; September 18-22 and; November 22-24.

During the last MPC meeting in November 2022, the Central Bank of Ghana (BoG) increased the Monetary Policy Rate (MPR) to 27% from 24.5% following a projection that the inflation rate will continue to rise until the end of next year.

As of that time, the inflation rate stood at 40.4%.

The increase in Policy rate was meant to boost savings and slow down an increase in the money supply and, therefore, fight inflation.

The monetary policy rate was increased in November for the third consecutive time after it was maintained at 19% in July.

In August during an emergency MPC meeting, the BoG increased the policy rate to 22%.

The Bank again increased it to 24.5% after the 108th MPC meeting.

Source: opemsuo.com/Hajara Fuseini