The Monetary Policy Committee (MPC) of the Bank of Ghana is set to announce a new or hold the current policy rate of 29.5% earlier set in March 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 May 17 to May 19, 2023, the the Committee held its third 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 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.

Watch the stream below: