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

The seven members of the Bank of Ghana's Monetary Policy Committee unanimously decided to maintain the policy rate at 14%. This decision was documented in the Policy Decisions submitted by each committee member, as published by the Bank of Ghana. The members cited external risks and concerns about rising inflation as the primary reasons for their vote to hold the rate steady.

One committee member, referred to as MPC MEMBER 1, warned that the economic environment had become less favorable, potentially worsened by weather-related disruptions due to El Niño. They expressed concern that these developments could lead to higher imported inflation and increased pressure on the exchange rate and external sector. Another member highlighted rising fuel, food, and shipping costs as major concerns, driven by higher energy and transport costs.

Despite these worries, the majority of committee members believed that maintaining the current policy rate would enable them to monitor the persistence of recent inflation developments and assess the potential impact of external shocks on the medium-term inflation path. Some members remained optimistic that despite recent pressures, inflation would eventually fall back to their target range of 8%+/-2 plus 2.

They also noted the strong performance of the Ghanaian economy, citing a real GDP growth of 6.0% in the second quarter of 2026 and a 14.9% year-on-year increase in the Composite Index of Economic Activity (CIEA) in July 2026. Business and consumer confidence remained near historical highs, and private sector credit growth had accelerated.

However, the decline in Ghana's International Reserves from a record-high of US$14 billion to US$12 billion by September 22, 2026, was attributed to record-elevated payment obligations and rising external debt service.