The Bank of Ghana (BoG) has maintained the Monetary Policy Rate at 14%, citing broadly balanced risks to inflation and economic growth.
The decision was taken unanimously by the Monetary Policy Committee (MPC) at its 132nd regular meeting, which concluded on Thursday, September 24, 2026.
The MPC said the decision, marking the third consecutive meeting this year at which the rate has been maintained, was informed by resilient domestic economic activity, moderating underlying inflationary pressures and robust external sector performance, despite heightened global uncertainty.
According to the BoG, economic activity remained resilient during the first half of 2026, supported by easing credit conditions, increased private sector credit allocation, and positive Business and consumer sentiments.
“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.
Inflation pressures remain
The Committee noted an uptick in headline inflation in August, which it attributed largely to the pass-through of utility tariff adjustments and higher crude oil prices.
However, the Bank said underlying inflation pressures were moderating, with inflation expectations and core inflation measures pointing to an easing trend.
“Despite this, all the inflation expectations and core inflation measures are indicating a moderation in underlying inflation,” the Governor said.
Headline inflation remains below the lower bound of the BoG’s medium-term target band but is projected to move into the target band over the next few quarters.
The Committee identified upward revisions to utility tariffs, rising ex-pump petroleum prices and their potential impact on transport fares, a stronger US dollar amid higher US interest rates, and possible spillovers from global supply-chain disruptions as key upside risks to inflation.
On the downside, the Bank said continued fiscal consolidation, improved food supply conditions and exchange-rate stability could help contain inflationary pressures.
Trade surplus rises to $8.85 billion
The external sector also recorded a stronger performance during the first eight months of 2026.
The trade surplus increased to $8.85 billion in the year to August 2026, from $6.69 billion over the same period in 2025.
The improvement was driven by stronger export receipts, particularly from gold, cocoa and crude oil.
Total exports rose to $22.4 billion in the first eight months of 2026, from $17.9 billion in the corresponding period last year.
Imports, however, also increased significantly, reaching $13.58 billion, representing a 20.8% increase from $11.24 billion a year earlier.
The Bank attributed the rise in imports largely to higher oil and gas import values, driven by increased crude oil purchases for domestic refining activities.