MPC announces policy rate today

The Monetary Policy Committee (MPC) of the Bank of Ghana is expected to announce a new policy rate today, Monday September 19.

It comes after a meeting on Friday September 16 by the MPC on the health of the Ghanaian economy.

In July, the central bank maintained the rate at 26 per cent saying the risk of inflation and growth was balanced.

Meanwhile, the bank’s summary of Economic and Financial Data indicates that Ghana’s total public debt has hit almost GHS110billion as of July this year.

The report shows that about GHS5billion has been added to the public debt since May this year. Almost GHS61bilion of the debt came from external borrowing while GHS49.2billion came from domestic borrowing.

According to the data, the cedi depreciated by 4.1 per cent from January to September this year with the local currency currently trading at GHS3.96.