Ghana: BoG Holds Policy Rate At 14 Percent · Cites Global Uncertainties, Inflation Risks

What the report says

AllAfrica, republishing a Ghanaian Times report from Accra, says the Bank of Ghana’s Monetary Policy Committee has kept the Monetary Policy Rate unchanged at 14 percent. The decision was made unanimously at the committee’s 131st regular meeting, held in Accra, and was presented as a cautious move in response to global uncertainty and possible inflation pressures linked to fuel and utility costs.

According to the report, Bank of Ghana Governor and MPC chair Dr Johnson Pandit Asiama said the current rate was still suitable for steering inflation toward the central bank’s medium-term target while giving policymakers time to assess external risks. He pointed to Middle East tensions affecting energy markets, with crude oil prices above $85 a barrel, as a factor that could feed into higher domestic fuel and utility prices and make financing conditions more difficult for emerging economies including Ghana.

The Ghanaian Times reported that domestic indicators remained relatively strong. Real GDP growth reached 6.4 percent in the first quarter of 2026, while the Bank’s Composite Index of Economic Activity rose 13.4 percent year-on-year in May. Headline inflation increased to 5.3 percent in June from 3.7 percent in May, but remained below the Bank’s 8 percent target with a 2-point tolerance band.

The report also cited easing monetary conditions, stronger private sector credit growth, improved banking-sector indicators and international reserves of US$12.9 billion at the end of June, equal to five months of import cover. The next MPC meeting is scheduled for September 22-24, with a policy announcement expected on September 24.