The Monetary Policy Committee (MPC) of the Bank of Ghana is set to announce a new or hold the current policy rate of 30% which was maintained back in September this year.

The policy rate determines the benchmark at which the central bank lends to commercial banks and influence the interest rate on loans.

From November 21 to November 24, 2023, the Committee held its scheduled meeting of the year to review economic developments in the country as the country awaits to clinch the second tranche of the IMF bailout from the Executive Board by the end of November this year.

At the 115th 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 November 27, 2023.

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