The Monetary Policy Committee (MPC) of the Bank of Ghana is set to announce a new policy rate on March 27, 2023 which will influence the interest rate on loans.

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

From March 22 to 24, 2023, the Committee held its second meeting of the year to review economic developments in the country.

At the 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 three months of the year.

At its first meeting for this year, the BoG hiked the monetary policy rate by 100 basis pointing from 27 to 28 percent to stem inflationary pressures.

Watch the stream below: