BoG Maintains 14% Policy Rate Amid Inflation Risks

The Bank of Ghana has maintained its Monetary Policy Rate at 14.0%, citing a broadly balanced outlook for inflation despite emerging pressures from utility tariffs, crude oil prices and global supply-chain disruptions.

Governor of the Bank of Ghana and Chairman of the Monetary Policy Committee, Dr Johnson Asiamah, announced the decision at the Bank’s 132nd MPC Press Briefing.

According to him, the Committee observed continued resilience in domestic economic activity during the first half of 2026, supported by easing credit conditions, increased private-sector credit allocation and positive business and consumer sentiment.

He said underlying inflation pressures had also moderated, with inflation expectations and core inflation measures easing.

“Based on these considerations, the Committee viewed the balance of risks to inflation as broadly balanced,” Dr Asiamah said.

He added that headline inflation was currently below the lower bound of the bank's target band but was projected to move into the band over the next few quarters.

The Governor identified possible upward adjustments to utility tariffs, rising ex-pump petroleum prices, transport fare pressures, a stronger US dollar and global supply-chain disruptions as key upside risks.

On the other hand, continued fiscal consolidation and improved food supply conditions were identified as factors that could help contain inflation.

The next MPC meeting is scheduled for November 16–18, 2026, with the policy decision expected on November 18.

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