MPC acknowledges emerging inflationary risks from higher crude oil prices, upward adjustments in utility tariffs
The Committee indicated that it will continue to closely monitor developments and assess their implications for inflation and growth.
On September 24, 2026, the Monetary Policy Committee (MPC) of the Bank of Ghana remained steadfast in its decision to keep the Monetary Policy Rate at 14.0%. The Committee recognized the economy's ongoing strength, buoyed by reduced credit conditions and improved confidence among businesses and consumers. However, the MPC also acknowledged emerging inflationary pressures stemming from surging crude oil prices, increased utility tariffs, and disruptions in global supply chains.
In his remarks, Governor Dr Johnson Pandit Asiama emphasized the balance between risks to inflation and growth, stating, "The balance of risks to inflation and growth remains broadly balanced." Despite headline inflation surging to 5 percent in August 2026, the Committee found it well anchored. The economy continued to thrive, with real GDP growth of 6.0 percent reported in the second quarter of the year.
The MPC affirmed that the banking sector remains robust, with solvency, profitability, and liquidity intact. The Committee pledged to maintain vigilant monitoring of economic developments and their potential impact on inflation and growth. Additionally, Dr Asiama announced plans to introduce a new series of Ghanaian currency notes, known as the Ghana Cedi Heritage Series, set to be launched on November 3, 2026. This initiative aims to enhance the integrity of the currency.
The Governor urged all stakeholders to handle the upcoming notes with utmost care, cautioning against crumpling, writing, stapling, or using them for frivolous purposes such as money bouquets or events. Preserving the integrity of banknotes is a shared responsibility, he stressed, and all businesses, traders, and financial institutions must adhere to these guidelines.
Dr Asiama also addressed the cost implications of the new banknote rollout, announcing that the Bank of Ghana had budgeted for the project, with all details documented and ready to be reflected in the 2026 audited accounts.
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