BoG MPC Meeting Begins Today

The Monetary Policy Committee of the Bank of Ghana (BoG) will undertake its 108th meeting from today.

The meeting will come to an end on Friday, September 23, 2022.

The meeting will review the economic development of the country following the hike in the Monetary Policy rate in the last meeting.

In August 2022, the MPC held an emergency meeting which adopted three measures to address the cedi depreciation then.

Among the measures, the BoG increased the Monetary policy rate by 33 basis points following a decision to keep it at 19.0% during the MPC’s 107th meeting in July.

The second measure was to raise the primary reserve requirement of banks from 12 per cent to 15 per cent.

The last measure announced by the BoG was to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining firms and oil and gas companies.

A Press Conference will be held on September 26 to announce the decision of the committee.

Source: Fuseini

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