Bank of Ghana to announce Monetary Policy Rate today

The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) will today, Septemeber 28, 2020 announce its decision on the monetary policy rate.

This comes after the Committee held a three-day deliberation to initiate proposals for the formulation of the monetary policies of the central bank.

The committee at its meeting assessed Ghana's economy and will in turn provide statistical data, advice and necessary steps for the formulation of monetary policies.

Today’s announcement of the monetary policy rate will be of keen interest to businesses as it influences the interest rate on loans and determines the rate at which the central bank lends to commercial banks.

At its last 95th meeting in July this year, the central bank kept its monetary policy rate unchanged at 14.5 percent with the Governor of the Central bank, Dr. Ernest Addison attributing the verdict to disruptions in the economy triggered largely by the COVID-19 pandemic.

Due to the coronavirus outbreak, many businesses have been hugely impacted, with some having to fold up as a result of the pandemic.