The Bank of Ghana’s Monetary Policy Committee (MPC) has maintained the Monetary Policy Rate at 14.0 percent, citing broadly balanced risks to inflation and economic growth.
The decision was taken unanimously at the MPC’s 132nd regular meeting held from September 23 to 24, 2026.
The Committee noted that Ghana’s economy continued to show resilience, with real Gross Domestic Product (GDP) growing by 6.0 percent in the second quarter of 2026, driven mainly by the services and industry sectors.
The latest Composite Index of Economic Activity also recorded annual growth of 14.9 percent in July 2026, compared with 6.1 percent in the same period last year.
However, headline inflation increased to 5.0 percent in August 2026, from 4.6 percent in July. The Bank attributed the increase mainly to higher non-food inflation, following adjustments in utility tariffs and elevated crude oil prices.
Despite the increase, inflation remained below the Bank’s medium-term target range of 8 ± 2 percent.
The MPC said underlying inflationary pressures remained moderate, with core inflation easing slightly to 4.2 percent in August from 4.3 percent in July. Inflation expectations among consumers, businesses and banks also declined.
The Committee further noted significant improvements in credit conditions. Private sector credit growth rose to 35.5 percent in August 2026, compared with 13.3 percent a year earlier, while the average lending rate declined to 15.9 percent from 24.2 percent over the same period.
Ghana’s external sector also recorded a stronger performance. The trade surplus increased to US$8.85 billion in the year to August 2026, up from US$6.69 billion during the same period in 2025.
The country’s gross international reserves stood at US$12.0 billion as of September 22, 2026, equivalent to 4.5 months of import cover.
The MPC, however, identified several risks to the inflation outlook, including higher utility tariffs, rising petroleum prices, potential increases in transport fares, a stronger US dollar and global supply-chain disruptions.
It also cited improved food supply conditions, fiscal consolidation and exchange-rate stability as factors that could help offset these inflationary pressures.
On the global front, the Committee highlighted rising geopolitical tensions, elevated crude oil prices and climate-related risks as potential threats to global inflation and economic growth.
After assessing the developments, the MPC concluded that the balance of risks to inflation and growth remained broadly balanced and unanimously decided to maintain the policy rate at 14.0 percent.
The next MPC meeting is scheduled for November 16 to 18, 2026, with the policy decision expected to be announced on November 18.