THE Bank of Ghana (BOG) has increased its monetary policy rate (MPR) from 19 percent to 22 percent in a bid to curb inflationary pressures and halt the depreciation of the cedi against the US dollar.
The decision was announced on Wednesday by the country’s central bank via a statement issued after its emergency monetary policy committee (MPC) meeting.
The monetary policy rate (MPR) is the baseline interest rate in an economy, every other interest rate used within an economy is built on it.
The BOG also raised the primary reserve requirement of banks from 12 percent to 15 percent as part of efforts to mop-up excess liquidity in the banking system.
It further announced plans to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies to help shore up FX liquidity.
“The committee decided on a 300 basis points increase in the monetary policy rate to 22 percent,” the BOG said in a statement.
“The committee also took the following additional measures: raise the primary reserve requirement of banks from 12 percent to 15 percent to be implemented in a phased manner: 13 percent from 1st September, 2022; 14 percent by 1st October, 2022; [and] 15 percent by 1st November, 2022.
“To boost the supply of foreign exchange to the economy, the Bank of Ghana is working collaboratively with the mining firms, international oil companies, and their bankers to purchase all foreign exchange arising from the voluntary repatriation of export proceeds from mining, and oil and gas companies. This will strengthen the central bank’s foreign exchange auctions.”
The bank added that its ongoing policy discussions with the IMF are expected to address the underlying macroeconomic challenges, restore fiscal and debt sustainability, and provide a sustainable balance of payments cushion.
Edo 2024: 38-yrs-old Engineer, Treks 108km From Auchi To Benin In Support Of Azemhe Azena
Pastor (Dr) Azemhe Azena speaking to newsmen after receiving Engr Kenneth Ifeloa (L) in Benin City A 38-year-old IT Engineer,...
Read more
Irekamba Emerges President Unemployed Youth Association Of Nigeria
He calls for inclusiveness of the organized unemployed youth in Nigeria affairs He charged the government and private sector on...
Read more
Full List Of Ondo Stakeholders, APC Chieftains Who Met With Tinubu In Aso Rock
PRESIDENT Bola Tinubu on Thursday night intervened in the political crisis rocking Ondo State Newsextra24 understands that the invention of the...
Read more
2027: Adeyanju, Suleiman Weigh Obstacles To Atiku’s Merger Call
IN the lead-up to the 2027 general elections, there has been a wide range of responses to the proposition for...
Read more
Edo 2024: You Can’t Be PDP’s New Godfather, Omo-Ojo Tells Obaseki
HON. Orobosa Omo-Ojo is a political activist and chieftain of the Peoples Democratic Party (PDP) who, in 2020, moved with...
Read more
Tribunal Grants Ajaka, SDP Access To Kogi Election Materials
THE Kogi State Election Petition Tribunal, led by Justice Yusuf Ado Birnin-Kudu in Lokoja, has granted Murtala Ajaka of the Social...
Read more
Top Contenders For Edo 2024 Governorship Election (I)
Trojan News Media present the aspirants according to the result of where they fall in ‘Poll of Polls’, which is...
Read more
Senator Omo-Agege Rejects Appeal Court’s Verdict On Gov Oborevwori’s Election
FORMER Deputy Senate President and governorship candidate of All Progressives Congress (APC) in Delta State, Ovie Omo-Agege, has rejected the...
Read more
2023 Elections: Appeal Court Slams INEC
ON Friday, the Court of Appeal, sitting in Abuja, descended heavily on the Independent National Electoral Commission (INEC), accusing it...
Read more
We Have Confidence In Judiciary – PDP
MEMBERS of the Peoples Democratic Party, PDP Governors’ Forum, have reiterated their faith in the judiciary to render unbiased judgment....
Read more
Delta: Senator Omo-Agege Loses appeal, Oborevwori’s Victory Upheld
THE petition filed by Sen. Ovie Omo-Agege of the All Progressives Congress, APC, challenging the victory of Hon Sheriff Oborevwori...
Read more
Court Stops PDP From Sacking Senator Anyanwu As National Secretary
A Federal High Court (FHC) in Abuja has issued a restraining order to the Peoples Democratic Party (PDP), preventing the...
Read more
Why I Will Not Join APC – SDP Presidential Candidate
THE candidate of the Social Democratic Party (SDP) in the last presidential election, Prince Adewole Adebayo, has revealed his political...
Read more
Why Labour Party Lawmakers In National Assembly Cannot Make Any Change In The Nation – Onovo
The presidential candidate of the National Conscience Party (NCP) in 2015, Martin Onovo has addressed concerns that the Labour Party (LP)...
Read more
More Stories
Business: Bureau Veritas AgriFood Goes Solar In Cape Town
Sierra Leone President Reacts On Attempted Coup, Arrest Of Plotters
Africa-Europe Partnership Launches Study To Evaluate Emergency Response Tools For Severe Malaria In Highly Isolated Rural Settings