The Bank of Ghana’s Monetary Policy Committee (MPC) unanimously held the Monetary Policy Rate at 14.0% in September, judging risks to inflation and growth as broadly balanced amid resilient domestic activity and moderating underlying price pressures. The rate has remained at 14.0% since a 150-basis-point cut in March, following reductions to 18.0% in November 2025 and 15.5% in January. Headline inflation rose to 5.0% in August but remained below the lower bound of the 8% ±2 percentage-point target and is projected to move into the band over the next few quarters, while real GDP grew 6.0% in the second quarter and private-sector credit strengthened amid lower interest rates and easier lending conditions. Gross international reserves stood at USD 12.0 billion, equivalent to 4.5 months of import cover, supported by improved gold export receipts, while the trade surplus increased on strong exports despite a higher import bill. Globally, geopolitical tensions, supply-chain constraints and crude oil prices above USD 100 per barrel have increased inflation risks and prompted monetary tightening by major central banks. The MPC said growth prospects remain broadly positive, while utility tariffs, petroleum prices, USD strength and supply disruptions pose upside inflation risks, partly offset by fiscal consolidation, improved food supply and exchange-rate stability.
2026-09-24Bank of Ghana
Bank of Ghana Holds Policy Rate at 14.0%
The Bank of Ghana’s Monetary Policy Committee (MPC) unanimously held the Monetary Policy Rate at 14.0% in September, assessing inflation and growth risks as broadly balanced. Headline inflation rose to 5.0% in August, below the 8% ±2 percentage-point target, while second-quarter real GDP grew 6.0%.