The Monetary Policy Committee of the Bank of Ghana (BoG) is scheduled to announce its decision on the policy rate, which will impact the cost of lending for the next two months of the year.

During its 119th meeting of the year, the MPC maintained the policy rate at 29 percent.

Dr. Ernest Addison, the Chairman of the MPC and Governor of the Central Bank, cited risks of inflation slightly moving upwards as the reason for the Committee's latest decision.

The BoG Governor emphasised that headline inflation is projected to decrease to approximately 13-17 percent by the end of 2024, before gradually returning to the medium-term target range of 6-10 percent by 2025.

Ghana's annual inflation rate witnessed marginal slowdown, declining from 20.9 percent in July to 20.4 percent in August this year, according to the Ghana Statistical Service.

During the 120th meeting, the MPC discussed proposals for the central bank's policy formulation, the provision of statistical data, and economic advice.

Watch the stream below: