BoG to maintain policy rate at 14% – IC Insights
According to the market research firm, the real policy rate of 9.0% suggests room for a modest cut in the policy rate if the external risk events were less volatile.
IC Insights anticipates the Bank of Ghana's Monetary Policy Committee will keep the policy rate at 14% during their September gathering. The market research firm notes that the actual policy rate of 9.0% indicates potential for a slight decrease if external risks were more stable. However, they expect the Monetary Policy Committee to maintain the policy rate to allow room for unexpected inflation spikes without immediate rate hikes.
They also believe the 91-day yield has hit a low and needs to be re-priced upwards to restore positive real yield. The Bank of Ghana kept the policy rate at 14% at their July 2026 meeting, citing rising external risks to inflation despite a strong domestic economy. Bank of Ghana Governor Dr. Johnson Asiama, who chaired the committee, stated that recent inflation developments align with their forecasts, although headline inflation rose in June due to temporary factors.
The Monetary Policy Committee says inflation is moving closer to the lower limit of the Bank's medium-term target range, driven mainly by base effects. Even with a sustained policy rate of 14.0%, the cost of credit will not change much for the next two and a half months.
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