Policy rate of 14% between May and September 2026 was meant to preserve economic stability – BoG Governor
The Bank of Ghana Governor, Dr. Johnson Asiama, has strongly defended the decision by the Monetary Policy Committee to hold the policy rate at 14% between May and September 2026. According to him, the Committee’s action is to preserve economic stability despite unfavourable external conditions, including rising global oil prices and domestic price pressures. The […]
The Bank of Ghana Governor, Dr. Johnson Asiama, defended the decision to keep the policy rate at 14% between May and September 2026, stating that it was aimed at preserving economic stability amidst unfavorable external conditions such as rising global oil prices and domestic price pressures. During his appearance before the Parliamentary Committee on Economy and Development, he clarified that the Monetary Policy Committee's decision was based on concerns about inflation and external risks to the economy, despite declining inflation rates and improving macroeconomic conditions.
Asiama also provided an overview of the Bank of Ghana's operations and the contributions of fiscal authorities to the country's economic growth, which reached 6.4% in the first quarter of 2026, while inflation fell to 3.2% and remained under the 6-10% target band.
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