Bank of Ghana Holds Policy Rate Steady at 14% Amid Global Uncertainty

The Bank of Ghana has maintained its Monetary Policy Rate (MPR) at 14 percent following the conclusion of its 130th Monetary Policy Committee (MPC) meeting, held in Accra from May 18 to 20, 2026.

Governor Dr. Johnson Pandit Asiama announced the decision at a press briefing on Wednesday, stating that recent domestic economic data has been largely encouraging, with inflationary pressures easing, the exchange rate remaining relatively stable, and fiscal performance improving.

Despite these positive domestic indicators, the MPC noted that the global economic environment remains uncertain. Developments in international markets, particularly the ongoing Middle East conflict and its effect on energy prices, continue to pose potential risks to Ghana’s inflation outlook and broader economic recovery.

In light of these concerns, the Committee decided to keep the policy rate unchanged, describing the move as a strategic effort to consolidate recent gains in macroeconomic stability while preserving the flexibility to respond to both domestic and external risks as they emerge.

The policy rate serves as a benchmark for interest rates across the economy, influencing the cost at which commercial banks lend to businesses and individuals. It remains one of the central bank’s key tools for managing inflation, credit conditions, and overall economic activity.

This decision follows the Bank of Ghana’s previous MPC meeting in March, where the policy rate was reduced by 150 basis points from 15.5 percent to 14 percent to support economic recovery and ease monetary conditions.

Markets and analysts are now expected to closely monitor how Ghana navigates the post IMF programme environment, following the recent conclusion of the country’s $3 billion Extended Credit Facility programme.