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Bank of Ghana to announce Monetary Policy Rate today

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The Monetary Policy Committee (MPC) of the Bank of Ghana, is set to report the policy rate later on Monday, September 27, 2021.

The rate is of distinct fascination to organizations, as it decides the rate at which the BoG loans to business banks, and in this way impacts financing costs on advances.

The Committee started its 102nd standard gatherings from Wednesday 22nd September 2021 through to Friday, September 24, 2021, to survey improvements in the economy and settle on certain basic choices.

In its journey to cultivate financial development and guarantee monetary soundness in light of advancements on the nearby and outer front, the Monetary Policy Committee, MPC, of the Bank of Ghana, BoG, at the 100th Meeting, interestingly since March 2020 decreased the policy rate to 13.5 percent.

That was a 100 premise focuses decrease in the rate, which had been kept unaltered at 14.5% percent for something like six back to back occasions.

The Central Bank additionally, at its 101st MPC meeting in July this year, kept up with the rate at 13.5 percent.

As per the Governor of the Bank of Ghana, Dr. Ernest Addison, feature expansion has facilitated strongly and returned inside the medium-term target band, driven for the most part by the tight monetary policy position and some base float impacts.

In front of the declaration by the BoG, Economist with Databank, Courage Martey, has disclosed to Citi Business News the progressive expansions in the swelling rate from 7.5% in May to 9.7% in August among others, is probably going to prompt a stay of the rate.