The Bank of Ghana (BoG) has left its Monetary Policy Rate unchanged at 14%, as the central bank assesses the risks to inflation and economic growth as broadly balanced.
The decision was unanimously reached by the Monetary Policy Committee (MPC) at its 132nd regular meeting, which ended on Thursday, September 24, 2026.
It marks the third consecutive MPC meeting this year at which the policy rate has been maintained.
The BoG said the decision was supported by resilient economic activity, easing underlying inflationary pressures and strong performance in the external sector, although global economic uncertainty remains elevated.
According to the central bank, economic activity during the first half of 2026 remained firm, helped by improved credit conditions, increased lending to the private sector and positive business and consumer confidence.
“Based on these considerations, the Monetary Policy Committee viewed the balance of risks to inflation and growth as broadly balanced, and the committee voted by a unanimous decision to maintain the monetary policy rate at 14.0 percent,” the Governor said.
The MPC acknowledged that headline inflation picked up in August, mainly due to the impact of utility tariff adjustments and higher crude oil prices.
However, the Bank said underlying inflation pressures were easing, with inflation expectations and core inflation indicators showing signs of moderation.
“Despite this, all the inflation expectations and core inflation measures are indicating a moderation in underlying inflation,” the Governor said.
Although headline inflation remains below the lower end of the BoG’s medium-term target range, the central bank expects it to move into the target band over the coming quarters.
The MPC identified several factors that could put renewed pressure on prices, including higher utility tariffs, rising ex-pump fuel prices and their possible effect on transport fares. A stronger US dollar, amid elevated US interest rates, and disruptions to global supply chains were also cited as potential upside risks.
On the other hand, the Bank said continued fiscal consolidation, improved food availability and stability in the exchange rate could help ease inflationary pressures.
The central bank also highlighted stronger external sector performance, with Ghana’s trade surplus reaching $8.85 billion in the first eight months of 2026, up from $6.69 billion during the same period in 2025.
The increase was supported by higher export earnings from gold, cocoa and crude oil.
Exports climbed to $22.4 billion between January and August 2026, compared with $17.9 billion recorded over the corresponding period last year.
Imports also rose, reaching $13.58 billion, up 20.8% from the $11.24 billion recorded a year earlier.
The BoG attributed the increase in imports largely to higher oil and gas import values, driven by increased crude oil purchases for domestic refining.
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