On 22 July 2026, the Bank of Ghana’s Monetary Policy Committee unanimously maintained the Monetary Policy Rate at 14.0%, judging the current stance appropriate as domestic growth remained resilient and inflation, while rising to 5.3% in June, stayed below the lower bound of the 8±2% medium-term target band and is still projected to move gradually into the band, despite upside risks from higher crude oil prices, possible utility tariff adjustments and escalating Middle East tensions. The hold followed cumulative easing from 28.0% in May 2025 to 14.0% by March 2026, with the rate also left unchanged in May. Real GDP growth was 6.4% in the first quarter of 2026, the Composite Index of Economic Activity pointed to sustained expansion, and private sector credit growth strengthened as lending rates eased. Externally, trade and current account surpluses improved in the first half of 2026 and gross international reserves stood at USD12.9 billion, equivalent to 5.0 months of import cover, while the cedi recovered after demand pressures in May. Globally, renewed Middle East conflict and the closure of the Strait of Hormuz have destabilised energy markets, disrupted trade routes and stalled disinflation, although global activity remained resilient and financing conditions broadly accommodative. The Committee said the current policy stance would allow time to assess evolving geopolitical developments and their potential impact on the domestic economy while guiding inflation into the targ
Bank of Ghana2026-07-22
Bank of Ghana Holds Monetary Policy Rate at 14.0%
On 22 July 2026, the Bank of Ghana’s Monetary Policy Committee unanimously kept the Monetary Policy Rate at 14.0%, saying the stance remains appropriate as growth stays resilient and inflation, at 5.3% in June, remains below the 8±2% medium-term target band but is expected to move gradually into it despite upside risks from oil prices, utility tariffs and Middle East tensions. The Committee cited 6.4% first-quarter GDP growth, stronger trade and current account surpluses, and gross international reserves of USD12.9 billion, and said the pause after cumulative easing from 28.0% in May 2025 will allow it to assess geopolitical risks while guiding inflation into the target band.