Following its scheduled 109th meeting, which was held last week, the Monetary Policy Committee of the Bank of Ghana will publish its decision about the policy rate today, November 28.
Economic analysts forecast a rise in the policy rate from its current level of 24.5 percent to 26.5 percent, or around 200 basis points, with inflation currently at 40.4 percent in November of this year.
The Institute of Economic Affairs explained that a hike may be required prior to the announcement because of the growing difference between inflation and the policy rate, which has forced commercial banks to borrow money from the BoG at significantly lower rates while lending to the government at higher rates.
In a statement issued by the Institute, it added that a possible hike in the Policy Rate (PR) will impact the cost of lending and the cost of doing business in the country.
Meanwhile, Chairman of the Monetary Policy Committee and Bank of Ghana Governor, Dr. Ernest Addison will announce the decision taken by the Central Bank.