By Collins Sarkodieh 
The BoG has officially decided to keep its main Monetary Policy Rate steady at 14% following its latest Monetary Policy Committee meeting. All seven committee members voted unanimously to hold the rate, choosing caution over quick interest cuts.
Central bank officials explained that rising domestic inflation pressures forced them to play it safe. Headline inflation edged up for three straight months, moving from 3.7% in May to 5.3% in June 2026 due to food and non-food price increases.
Growing geopolitical tensions in the Middle East have also pushed up global crude oil and transport costs, raising the risk of imported inflation for Ghana. Policymakers warned that cutting interest rates right now could trigger sharp currency depreciation and undermine hard-won price stability gains.
Despite these global threats, Ghana’s core economic foundation remains solidly on track. Real Gross Domestic Product grew by a strong 6.4% in the first quarter of 2026, while the country recorded a healthy trade surplus.
The BoG emphasized that keeping the policy rate at 14% strikes the right balance between supporting local business growth and keeping long-term inflation under control. Officials promised to monitor market conditions closely before considering any future rate adjustments.
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