The Monetary Policy Committee of the Bank of Ghana (BoG) is set 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 third 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 last decision.

The BoG Governor emphasized 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 another slowdown, dropping from 23.1 percent in May to 22.8 percent in June this year, according to the Ghana Statistical Service.

During the 119th meeting, the MPC discussed proposals for the central bank's policy formulation, the provision of statistical data, and economic advice.

Watch the stream below: