Bank of Ghana Governor Dr Johnson Asiama told Parliament's Committee on Economy and Development that holding the monetary policy rate at 14% from May to September 2026 was a deliberate step to protect macroeconomic stability as oil prices, utility tariffs and external risks rose.
In a written first-half 2026 monetary policy statement presented on Friday 6 November 2026, Asiama said the Monetary Policy Committee had cut the rate from 18.0% to 15.5% in March and then to 14.0% in May — a cumulative 3.2 percentage-point easing — before pausing further cuts at the July and September meetings. The rate remains 14.0%.
According to accounts of the appearance published by 3News and MyJoyOnline, Asiama cited crude oil prices above US$100 a barrel, interest-rate increases by major advanced-economy central banks, domestic price pressures and the potential impact of a strong El Niño. Headline inflation rose to 5.5% in October 2026 from 4.6% in July and 5.2% in September, still below the Bank's 6–10% medium-term target band, based on Ghana Statistical Service and Bank of Ghana figures cited in the reports.
Asiama also reported that real GDP grew 6.4% in the first quarter of 2026 and 6.0% in the second; the average bank lending rate fell from 27.0% in June 2025 to 15.6% in June 2026 as private-sector credit rose 41.2%; and total banking assets increased 30.7% to GHS 502.4 billion by June 2026, with the capital adequacy ratio at 20.4% and non-performing loans down from 23.1% in June 2025 to about 15.7–16.1% depending on the report.
On the external side, the Governor said Ghana recorded a US$8.81 billion trade surplus and a US$5.1 billion current-account surplus in the first half, with gross international reserves at US$12.94 billion (5.0 months of import cover) at end-June. The figures are attributed to Asiama's parliamentary briefing as reported by 3News and MyJoyOnline; StatsGH has not independently obtained the full written statement.
Separately, the Bank of Ghana has scheduled its 133rd Monetary Policy Committee meetings for 16–18 November 2026.
Sources: 3News; MyJoyOnline; Bank of Ghana MPC notice.