The Monetary Policy Committee (MPC) of the Bank of Ghana is set to announce a new or hold the current policy rate of 30% earlier set in July this year, which will influence the interest rate on loans.

The policy rate determines the benchmark at which the central bank lends to commercial banks.

From September 19 to September 22, 2023, the Committee held its scheduled meeting of the year to review economic developments in the country amid the approval of a $3 billion loan facility from the International Monetary Fund.

At the 114th meeting, the MPC deliberated on the initiation of proposals for the formulation of the central banks’ policies, provision of statistical data, and economic advice.

Chairman of the Committee and BoG Governor, Dr. Ernest Addison will subsequently announce the decision and interventions taken particularly on the monetary policy rate which will impact the cost of credit for the next two months of the year.

Meanwhile, some economists and market watchers expect the Central Bank to maintain its stance on the current policy rate when it announces its decision on Monday September 25, 2023.

Watch the stream below:

MA