All six members of the Bank of Ghana's Monetary Policy Committee (MPC) voted to keep the policy rate unchanged at 14%. The MPC met from May 18 to 20, 2026, to review economic developments over the preceding two months.
This unanimous decision, a first for the committee, stemmed from significant concerns about the inflation outlook for Ghana. Members specifically highlighted potential impacts from ongoing international developments in the Middle East. These global events could push Ghana's inflation above the “10% mark” by the end of 2026.
The policy rate acts as a key tool for the central bank to manage inflation and economic growth. Holding it steady at 14% indicates the Bank of Ghana’s measured approach to economic stability. This decision comes as Ghana recorded a substantial trade surplus of GHS 4.2 billion in the fourth quarter of 2025. Strong economic activity, as evidenced by a 7.5% growth in January, also forms part of the broader positive economic narrative.
The Monetary Policy Committee Decision Report detailed these concerns. One member specifically pointed to possible future increases in utility tariffs and transport fares. A rise in import costs for Ghana also posed a threat to the inflation outlook. These domestic factors, combined with global uncertainties, justify the committee's cautious stance.
While the overall Ghanaian economy appears strong currently, committee members expressed worry about the future. They adopted a “wait and see attitude” regarding the policy rate. This allows them to assess how global and domestic factors evolve before making further adjustments. Decision-makers and markets will closely watch global developments and domestic economic indicators in the coming months. The Bank of Ghana's next steps will depend on these evolving conditions.
The MPC comprises seven members, with the Governor of the Bank of Ghana, Dr. Johnson Asiama, as its Chairman. The Governor only casts a vote if there is a tie. Given the unanimous vote by all six participating members, Dr. Asiama did not need to cast a deciding vote in this instance. The committee's focus remains on balancing inflation control with supporting economic growth. Their current decision reflects a prioritisation of managing inflationary pressures.