BoG Governor, all MPC members voted to keep policy rate at 14%

All seven members of the Bank of Ghana's Monetary Policy Committee (MPC) unanimously decided to retain the policy rate at 14%. Their choice was based on concerns regarding external risks to the economy and rising inflation, according to the Policy Decisions submitted by each committee member, as reported by the Bank of Ghana. One member, identified as MPC MEMBER 1, pointed out that the external environment has deteriorated and warned that potential weather-related disruptions due to El Niño could exacerbate the situation.

This individual expressed concern that these developments could lead to higher imported inflation, placing pressure on the exchange rate and external sector. Another member cited rising fuel and food prices, as well as shipping costs, as significant concerns stemming from increased energy and transport expenses. Nonetheless, the majority of the members believed that maintaining the current policy rate would enable the committee to evaluate the sustainability of recent inflation trends and gauge the potential impact of external shocks on medium-term inflation.

While some members remained optimistic about inflation receding to their target range of 8%+/-2, others were apprehensive about potential exchange rate pressures arising from heightened external uncertainty. Despite these concerns, the committee highlighted a robust Ghanaian economy, citing a real GDP growth of 6.0% in the second quarter of 2026, a 14.9% year-on-year increase in the Composite Index of Economic Activity (CIEA) in July 2026, and high levels of business and consumer confidence.

However, Ghana's International Reserves had fallen from a peak of US$14 billion to US$12 billion by September 22, 2026, due to rising payment obligations and heightened external debt service.