The meeting will entail the initiation of proposals for the formulation of the policies of the central bank, provision of statistical data among others. Among such decisions will be a review of the monetary policy rate which was slashed by 100 basis point at 13.5 from 14.5 percent at the central bank's 100th meeting. “Risks to the inflation outlook remain muted in the near-term…the Monetary Policy Committee under these circumstances decided to lower the monetary policy rate by a hundred basis points to 13.5%,” the governor said. The monetary policy rate influences the interest rate on loans and determines the rate at which the central bank lends to commercial banks. Meanwhile, the Bank of Ghana’s MPC will update the press on its decisions taken on Monday July 26, 2021.

Source: GhanaWeb July 21, 2021 11:26 UTC