The Bank of Ghana’s Monetary Policy Committee (MPC) has unanimously maintained the Monetary Policy Rate at 14.0 percent, citing a broadly balanced outlook for inflation and economic growth.
The decision was taken at the MPC’s 132nd regular meeting held from September 23 to 24, 2026, as the central bank assessed rising global inflationary pressures alongside strong domestic economic activity.
The Bank noted that Ghana’s headline inflation increased to 5.0 percent in August 2026, up from 4.6 percent in July. The increase was driven largely by non-food inflation, which rose to 6.8 percent from 6.1 percent, partly reflecting higher utility tariffs and crude oil prices.
Despite the uptick, inflation remains below the Bank of Ghana’s medium-term target band of 8 percent ±2 percentage points.
The MPC said underlying inflationary pressures remained relatively contained. Core inflation, which excludes energy and utility prices, eased marginally to 4.2 percent in August from 4.3 percent in July, while inflation expectations among consumers, businesses and banks also declined.
The decision to keep the policy rate unchanged comes as the domestic economy continues to record strong growth. Ghana’s real GDP expanded by 6.0 percent in the second quarter of 2026, supported mainly by the services and industry sectors.
The Bank also pointed to stronger credit conditions, with private sector credit growth reaching 35.5 percent in August, compared with 13.3 percent a year earlier.
However, the MPC identified several risks that could put upward pressure on inflation in the coming months. These include rising crude oil prices, further utility tariff adjustments, higher petroleum prices and possible increases in transport fares.
Global developments are also a concern. The Bank said heightened geopolitical tensions, supply-chain disruptions and higher energy costs have increased inflationary pressures internationally. It noted that several major central banks have responded by raising interest rates, potentially tightening global financing conditions.
Despite these risks, the Bank of Ghana said improved food supply conditions, exchange-rate stability and continued fiscal consolidation could help contain inflationary pressures.
The MPC therefore concluded that the risks to inflation and economic growth were broadly balanced, leading to a unanimous decision to maintain the policy rate at 14 percent.
The latest decision means the central bank has opted to keep its benchmark interest rate unchanged while monitoring whether the recent rise in inflation is temporary or develops into a broader price-pressure trend.
