BoG maintains Monetary Policy Rate at 14%

The Bank of Ghana (BoG) has maintained its Monetary Policy Rate at 14% as of September 24, 2026. This decision, taken unanimously by the Monetary Policy Committee (MPC), reflects the central bank's assessment of balanced risks to inflation and economic growth. The BoG cited resilient economic activity, easing inflationary pressures, and a strong external sector as supporting factors for the decision.

Although headline inflation rose in August, driven by utility tariff adjustments and higher crude oil prices, underlying inflation pressures were easing, with a moderation in inflation expectations and core inflation indicators. The BoG anticipates that headline inflation will move into the target band over the coming quarters. The MPC identified several potential upside risks, including higher utility tariffs, rising ex-pump fuel prices, a stronger US dollar, and disruptions to global supply chains.

However, continued fiscal consolidation, improved food availability, and exchange rate stability could help alleviate inflationary pressures. The Bank also noted a significant expansion in Ghana's trade surplus to $8.85 billion in the first eight months of 2026, driven by higher export earnings from gold, cocoa, and crude oil.