BoG Maintains 14% Policy Rate

Dr. Johnson Asiama

The Bank of Ghana (BoG) has maintained its Monetary Policy Rate at 14% as the Monetary Policy Committee (MPC) assessed the risks to inflation and economic growth as broadly balanced.

The Governor of the Bank of Ghana, Dr. Johnson Asiama, who announced the decision at a press conference following the 132nd Monetary Policy Committee meeting in Accra, said the decision was influenced by developments in both the global and domestic economies.

He said the committee had taken into account persistent global uncertainties, inflationary pressures, strong domestic economic activity, and improving macroeconomic conditions before maintaining the policy rate.

He stated, “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%”.

According to him, global economic activity remained resilient in the first half of 2026 despite geopolitical tensions and heightened uncertainty, supported mainly by strong investment in artificial intelligence and a less severe impact of energy shocks than earlier anticipated.

“The IMF global growth projection for 2026 has remained largely unchanged at 3.0%. However, the tendency for geopolitical tensions to reignite or intensify could weaken global growth prospects in the medium term,” he said.

Dr. Asiama noted that global inflationary pressures had increased since the last MPC meeting, largely due to higher energy costs, with crude oil prices rising slightly above $100 per barrel.

“Global climate conditions have also added another layer of uncertainty to the inflation outlook, with expectations of a strong developing in the last quarter of the year,” he said.

By Ebenezer K. Amponsah

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