The Bank of Ghana has maintained its Monetary Policy Rate at 14%, citing external uncertainties and inflation risks despite improving domestic economic conditions.
The decision was announced after the Central Bank’s 130th Monetary Policy Committee (MPC) meeting held in Accra on Wednesday, May 20, 2026.
Governor Dr Johnson Asiama said the committee considered risks to inflation and growth as “broadly balanced” and would continue to monitor developments, particularly geopolitical tensions and their impact on the domestic economy.
The MPC noted easing inflation, exchange rate stability, and improved fiscal performance, but warned that global uncertainties could affect Ghana’s recovery. Dr. Asiama also referenced the International Monetary Fund’s revised 2026 global growth forecast of 3.1%, down from 3.3%.
According to the Bank, Ghana’s Composite Index of Economic Activity grew by 12.6% in March 2026, up from 2.3% in the same period last year, driven by stronger private sector credit, consumption, industrial production, and trade.
The committee also announced a uniform dynamic cash reserve ratio of 20% in domestic currency, effective June 4, 2026.