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

Ghana in July requested an financial bailout from the International Monetary Fund the place a collection 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 must be reached and finalized before the top 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 nonetheless has been rescheduled to Friday, October 7.

The decision was introduced 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 major lending rate by 300 foundation factors (3 per cent) to 22%, citing dangers to the inflation outlook.

The decision was reached at an emergency assembly of the Monetary Policy Committee (MPC) to evaluate the latest financial growth in Ghana and other financial challenges.

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