Bank of Ghana Maintains Policy Rate at 14 Percent

The Bank of Ghana maintained its benchmark monetary policy rate at 14.0 percent following the 131st Monetary Policy Committee meeting in Accra. Governor Johnson Pandit Asiama announced the unanimous decision, which aims to preserve price stability and guide inflation toward a medium-term target band of 8 ± 2 percent.

The committee cited a resilient domestic economy, noting a 6.4 percent GDP growth in the first quarter of 2026 and gross international reserves of US$12.9 billion at the end of June. Although headline inflation rose to 5.3 percent in June from 3.7 percent in May, the bank indicated that inflation remains below the lower bound of its target band.

Despite these domestic gains, the bank warned of global risks, specifically Middle East tensions that pushed crude oil prices above $85 per barrel. Officials identified these geopolitical uncertainties as factors that could increase fuel and utility costs and tighten global financing conditions for emerging economies. The committee is scheduled to meet again from September 22 to 24, 2026.