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Bank of Ghana to call an emergency MPC meeting due to the economy

On Wednesday, August 17, 2022, the Bank of Ghana (BoG) will host an urgent Monetary Policy Committee (MPC) meeting to discuss Ghana’s recent economic difficulties.

The Central Bank stated in a public announcement that the meeting will assess economic developments from the previous month.

The meeting will end with a committee decision announcement, according to the notice.

Officials from the Central Bank, banking consultants, economists, and other key players frequently attend these sessions.

The next meeting of the Committee was initially slated for September 20–23, 2022.

But this comes a few days after rating agency, Fitch, downgraded Ghana’s Long-Term Foreign-Currency (LTFC) Issuer Default Rating (IDR) to ‘CCC’ from ‘B-‘.

According to the statement, the downgrade reflects the state of Ghana’s public finances, which have made it difficult for the country to access the Eurobond markets for an extended period of time and therefore caused a considerable drop in external liquidity.

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