Ghana Bankers Association Expects Central Bank to Hold Benchmark Rate

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The Ghana Bankers Association expects the Bank of Ghana to maintain its monetary policy rate at the next meeting of the Monetary Policy Committee (MPC), despite improving macroeconomic conditions. Speaking on the sidelines of the launch of the PwC Ghana Banking Survey in Accra, John Awuah, the chief executive officer of the Ghana Bankers Association, said recent inflation developments are likely to influence the committee’s decision, making a policy hold the most probable outcome.

According to Awuah, while economic indicators have generally improved, the recent uptick in inflation is expected to feature prominently in the MPC’s assessment of the country’s inflation outlook and monetary policy stance. “We believe the data available to the Monetary Policy Committee provides a broader picture of the economy. From what we have seen, there are some emerging inflationary pressures, and we do not know the extent to which these will influence the Committee’s assessment of the outlook. However, we believe the Central Bank is likely to maintain the policy rate,” he said.

The Bank of Ghana currently maintains the monetary policy rate at 14.0 percent, after the Monetary Policy Committee kept the rate unchanged at its May 2026 meeting, citing the need to balance improving economic conditions with emerging inflation risks. Inflation, meanwhile, has remained relatively contained, although recent data indicate renewed price pressures that could influence the MPC’s next decision. The Bank of Ghana’s latest published data puts headline inflation at 5.3 percent, within the medium-term target range of 8 percent plus or minus 2 percentage points.

The monetary policy rate is the benchmark interest rate that guides borrowing costs across the economy. A decision to hold the rate would signal the Bank of Ghana’s commitment to consolidating recent gains in inflation while closely monitoring emerging price pressures before considering further monetary policy easing.

The MPC’s upcoming decision will be closely watched by investors, businesses, and financial markets for signals on the direction of interest rates and the broader outlook for Ghana’s economy. Investors expect the Central Bank to maintain the rate, as a hold would support economic growth and stability.