Monetary Policy Committee

Also known as: MPC · Monetary Policy Committee of the BoG · 130th Monetary Policy Committee meeting · Monetary Policy Committee of the Bank of Ghana

The Bank of Ghana's seven-member committee that sets the country's monetary policy rate, meeting regularly to assess inflation and economic conditions.

2026-04-302026-10-07

In coverage

Verbatim sentences from the source article.

September 2026
24 SeptJoy Online
The Bank of Ghana’s Monetary Policy Committee (MPC) has maintained the policy rate at 14% for the third consecutive meeting, citing a broadly balanced outlook for inflation and economic growth. …
MPC maintains policy rate at 14% for third consecutive meeting amid inflation risks
24 SeptJoy Online
The Monetary Policy Committee of the Bank of Ghana (BoG) is set to announce a new policy rate later today after a two-day meeting to review developments in the economy. …
BoG set to announce new policy rate amid Middle East pressures
24 SeptJoy Online
… He said the developments would be important considerations for the Monetary Policy Committee as it assesses the balance between inflation, exchange-rate stability and economic activity. …
Ghana’s reserve buffer shrinks to 4.2 months as BoG flags fresh external risks
24 SeptThe Chronicle
… Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, made the assessment in his opening remarks at the 132nd Monetary Policy Committee meeting held at Bank Square on September 23, 2026. …
Domestic Macroeconomic Conditions Remain Stable And Broadly Positive -Asiama
23 SeptJoy Online
… Johnson Asiama, revealed this international reserves data when he opened the 132nd Meeting of the Monetary Policy Committee of the Bank of Ghana on 23 September 2026. …
Ghana’s international reserves drop to US$11.04bn in August; BoG pushes for significant build-ups in coming months
23 SeptJoy Online
… Speaking at the opening of the 132nd Monetary Policy Committee meeting, Dr Asiama said the conflict has disrupted trade flows and pushed up energy prices, creating additional risks for global growth and inflation. …
Global pressures weigh on cedi as US dollar strengthens – BoG
23 SeptJoy Online
The Bank of Ghana (BoG) has identified mounting pressure on the country’s external position as one of the key risks confronting the Monetary Policy Committee (MPC) as it considers its latest policy stance. …
BoG flags external-sector pressures ahead of MPC decision
23 SeptJoy Online
The Bank of Ghana says the recent rise in inflation remains a key issue for the Monetary Policy Committee as it assesses the appropriate monetary policy stance. …
BoG weighs on rising inflation risks as inflation climbs to 5%
23 SeptJoy Online
… The Governor of the Bank of Ghana, Dr Johnson Asiama, said the Monetary Policy Committee will closely assess how fiscal developments for the remainder of 2026 interact with monetary policy. …
Debt financing, expenditure are key risks to liquidity, exchange rate – BoG
23 SeptJoy Online
… The Governor of the Bank of Ghana, Dr Johnson Asiama, disclosed this at the opening of the 132nd Monetary Policy Committee meeting. …
BoG warns of pressure on reserves as GoldBod pauses exports

Business

Fitch Solutions maintains 14% policy rate forecast through December 2026

The News

Fitch Solutions expects the Bank of Ghana to keep the policy rate at 14% through year-end 2026, before hiking it to 16% in 2027, citing persistent single-digit inflation that will remain below the central bank's target range. The firm notes inflation has risen from 3.2% in March to an expected 6.8% by year-end, driven partly by elevated energy costs and cedi weakness, but expects another rate hold in November 2026.

4 October 2026 · Joy Online →

Sunday 4 October

Fitch Solutions maintains 14% policy rate forecast through December 2026
Fitch Solutions expects the Bank of Ghana to keep the policy rate at 14% through year-end 2026, before hiking it to 16% in 2027, citing persistent single-digit inflation that will remain below the central bank's target range. The firm notes inflation has risen from 3.2% in March to an expected 6.8% by year-end, driven partly by elevated energy costs and cedi weakness, but expects another rate hold in November 2026.
4 October 2026 · Joy Online →

Friday 2 October

BoG's Monetary Policy Committee votes unanimously to hold rate at 14%
All seven members of the Bank of Ghana's Monetary Policy Committee voted to keep the policy rate at 14%, citing external risks, rising inflation, and concerns about potential weather disruptions and imported inflation as reasons for the hold. The majority said the unchanged rate would allow the committee to assess recent inflation developments and the impact of external shocks on the medium-term inflation path.
2 October 2026 · Joy Online →

Wednesday 30 September

Banks responding to improving monetary conditions with credit growth
The Ghana Association of Banks CEO John Awuah defended banking sector lending practices, citing private sector credit growth of 29 per cent year-on-year in real terms and a decline in commercial lending rates from over 18% in March to 15.9% currently, with new loans attracting rates between 9 and 12%.
30 September 2026 · Joy Online →
Policy rate cuts take time to lower lending rates, BoG warns
The Bank of Ghana has cautioned that reductions in the monetary policy rate do not automatically translate into lower lending rates, explaining that the effectiveness of monetary policy depends on how decisions are transmitted through the banking system and that banks must consider their cost of funds, credit risk, operating costs, capital requirements, and the risk environment when pricing loans.
30 September 2026 · Joy Online →

Monday 28 September

Ghana gold shipments resume after August decline
Ghana's gold export shipments have resumed regularity following a slowdown in August, with the Bank of Ghana Governor noting that shipments picked up again in September and are supporting the country's reserve accumulation. The Governor identified international gold price movements, influenced by external factors such as US policy rates, as the more significant risk to Ghana's gold export receipts rather than logistical concerns.
28 September 2026 · Joy Online →

Friday 25 September

Bank of Ghana denies plans for new GH¢500 cedi note
The Bank of Ghana has clarified that its "Heritage Series" rollout on November 3, 2026, involves upgrading existing banknote denominations rather than introducing new notes or higher denominations such as GH¢500 cedis. According to the Director of the Currency Management Department, the upgraded notes will feature improved security features, durability, and modern designs reflecting Ghana's heritage, and will co-circulate with existing cedi banknotes.
25 September 2026 · Joy Online →
Ghana's business environment at inflection point, says PwC
PwC Country Senior Partner Vish Ashiagbor says Ghana's business environment is at an "inflection point," with the private sector gradually assuming greater responsibility for driving economic activity. He remarks that businesses must adapt their processes, relationships, and strategies to capitalize on emerging opportunities.
25 September 2026 · Joy Online →
Ghana has liquidity but capital fails to reach productive businesses
Ghana's financial system has substantial liquidity and institutions seeking returns, yet many businesses struggle to obtain appropriately structured capital for expansion and employment creation. The missing link is an effective system for converting savings into appropriately structured finance for investment-ready enterprises.
25 September 2026 · Joy Online →

Thursday 24 September

Bank of Ghana supports cedi payments for Ghana-China trade
The Bank of Ghana is supporting efforts to facilitate trade between Ghana and China using the cedi, reducing reliance on the US dollar. Stanbic Bank is piloting a programme allowing Ghanaian importers to pay for Chinese goods in cedis, with Ghana Commercial Bank also developing similar arrangements.
24 September 2026 · Joy Online →
GoldBod resumes significant gold shipments, supporting reserves
The Bank of Ghana Governor says the Ghana Gold Board has resumed significant gold shipments, supporting the country's foreign exchange reserve accumulation after shipments became less regular in August.
24 September 2026 · Joy Online →
Bank of Ghana maintains policy rate at 14% unanimously
The Monetary Policy Committee held its policy rate at 14% for the third consecutive meeting, citing a broadly balanced inflation and growth outlook despite global inflationary pressures and higher crude oil prices. Headline inflation rose to 5% in August 2026 from 4.6% in July, driven mainly by non-food inflation, though core inflation eased to 4.2%.
24 September 2026 · Joy Online →
Bank of Ghana to announce policy rate amid Middle East pressures
The Bank of Ghana's Monetary Policy Committee is set to announce a new policy rate after a two-day meeting, with the current rate at 14%. The Governor has raised concerns that Middle East developments could pressure the economy, though economists differ on whether the rate will be maintained or increased.
24 September 2026 · Joy Online →
Ghana's reserves fall to 4.2 months of import cover
Ghana's gross international reserves declined to US$11.1 billion by end-August 2026, reducing foreign-exchange import cover to 4.2 months and prompting the Bank of Ghana to flag renewed external risks. Reserves have fallen by US$1.87 billion since June despite strong gold and cocoa export earnings, leaving the country with a considerably smaller cushion to meet external payment obligations.
24 September 2026 · Joy Online →
Ghana's macroeconomic conditions stable, inflation below target
The Bank of Ghana Governor reported that domestic economic conditions remain stable and broadly positive, with August headline inflation at 5.0 per cent below the central bank's target band, real GDP growth of 6.0 per cent in the second quarter led by services and ICT, and the fiscal position stronger than programmed with public debt at 45 per cent of GDP.
24 September 2026 · The Chronicle →

Wednesday 23 September

Ghana's international reserves decline amid slower gold exports
Ghana's international reserves fell to US$11.04 billion at the end of August 2026, down US$1.9 billion from June, representing 4.2 months of import cover. The Bank of Ghana governor cited a weaker current account, slower gold shipments, and increased service payments as reasons to prioritize rebuilding net foreign assets in the coming months.
23 September 2026 · Joy Online →
Bank of Ghana cites global pressures, US dollar strength on cedi
The Bank of Ghana says tighter global financial conditions and a stronger US dollar are putting pressure on the cedi and other emerging market currencies, driven by heightened global uncertainty, Middle East conflict, and elevated oil prices. The developments pose risks to Ghana's inflation outlook as higher energy and agricultural input prices fuel global headline inflation.
23 September 2026 · Joy Online →
BoG flags external pressures before MPC policy decision
The Bank of Ghana has identified mounting pressure on the country's external position, citing declining international reserves, a weaker current account, and slowed gold shipments as key risks facing the Monetary Policy Committee. Governor Asiama noted that gross international reserves provide about 4.2 months of import cover and stressed that external conditions will constrain how much policy space can safely be used despite stable domestic macroeconomic conditions.
23 September 2026 · Joy Online →
Bank of Ghana monitors inflation rise to 5% amid policy uncertainty
The Bank of Ghana's Monetary Policy Committee is weighing rising inflation risks as headline inflation has climbed from 3.2% in March to 5.0% in August. Governor Dr Johnson Asiama said the committee must assess whether the upward trend represents a temporary adjustment from energy prices and administrative tariffs or signals more persistent inflation pressure.
23 September 2026 · Joy Online →
Bank of Ghana flags debt, spending risks to liquidity and exchange rate
The Bank of Ghana's Governor identified government spending and debt financing as key fiscal risks that could affect liquidity and the exchange rate. He noted that increased spending could raise short-term domestic debt, and completion of external debt restructuring could raise debt-service obligations with implications for liquidity and the exchange rate.
23 September 2026 · Joy Online →
Gold export pause strains Ghana's external reserves
The Bank of Ghana warns that a slowdown in gold shipments and a pause in exports by the Ghana Gold Board since mid-August 2026 are adding pressure to the country's external position. The Governor noted that gross international reserves currently provide about 4.2 months of import cover, and rebuilding reserves will be a key priority for the central bank amid expected fourth-quarter foreign exchange demand.
23 September 2026 · Joy Online →
BoG's MPC to decide on policy rate amid inflation and cedi pressure
The Bank of Ghana's Monetary Policy Committee is meeting to review economic developments, with rising inflation (5% in August 2026), cedi depreciation, and concerns over economic growth expected to dominate discussions. A key question is whether to increase the policy rate to contain inflationary pressures, though doing so could affect businesses struggling to access credit.
23 September 2026 · Joy Online →

Thursday 17 September

Bank of Ghana expected to hold policy rate at 14%
IC Insights expects the Bank of Ghana's Monetary Policy Committee to maintain the policy rate at 14% in September, preserving policy headroom to handle any unexpected inflation spike despite a real policy rate that could theoretically accommodate a modest cut.
17 September 2026 · Joy Online →

Monday 14 September

MPC expected to cut policy rate to 12.5% in September 2026
According to Databank Research, the Monetary Policy Committee may cut the policy rate by 150 basis points to 12.5% in September 2026, consistent with inflation correction towards the Bank of Ghana's medium-term target of 8% ± 2%. Inflation reaccelerated to 5.3% in June 2026 from 3.8% in January 2026, though financial conditions have supported credit growth and banking sector capital buffers remain solid.
14 September 2026 · Joy Online →

Thursday 27 August

Bank of Ghana deploys AI for inflation forecasting and data analysis
The Bank of Ghana has adopted artificial intelligence and machine-learning models to strengthen inflation forecasting, improve economic data gathering and analysis, and guide monetary policy decisions. First Deputy Governor Dr Zakari Mumuni said the technology also enhances financial supervision by validating granular data in real time to identify risks earlier.
27 August 2026 · Joy Online →

Wednesday 19 August

BoG Governor says MPC guided by inflation outlook in rate decisions
Bank of Ghana Governor Dr Johnson Asiama said the Monetary Policy Committee's decisions are guided by assessment of inflation's direction and risks to the outlook. He noted that recent Middle East developments influenced the committee's decision to maintain the policy rate to prevent end-of-year inflation rise.
19 August 2026 · Joy Online →

Monday 17 August

Ghana's economic recovery gains face productivity challenge ahead
Ghana has secured macroeconomic gains with GDP growth beating projections, eased price pressures, strengthened fiscal metrics, and expanding private credit alongside lower interest rates. The country's challenge has shifted from escaping instability to making stability productive.
17 August 2026 · Joy Online →

Thursday 13 August

Bank of Ghana publishes weekly list of unlicensed digital lenders
The Bank of Ghana is intensifying efforts to remove unlicensed digital lenders from the financial sector, with plans to publish a weekly list of operators providing digital credit services without central bank approval. The Governor said the measure aims to strengthen oversight, prevent unlicensed operators from providing credit, and protect consumers.
13 August 2026 · Joy Online →

Friday 7 August

Bank of Ghana chief assures firms economy stable, inflation below target
The Governor of the Bank of Ghana told business leaders in Sunyani that the economy remains on a stable growth path, citing low inflation, stronger economic growth, improved banking sector performance and resilient external reserves. The Monetary Policy Committee maintained the Monetary Policy Rate at 14 percent after assessing domestic and global economic conditions.
7 August 2026 · The Chronicle →

Thursday 6 August

BoG has adequate reserves to stabilise cedi, Governor assures
Bank of Ghana Governor Dr Johnson Asiama assured businesses and the public that the central bank has adequate reserves to stabilise the cedi, with gross international reserves currently at US$12.9 billion sufficient to cover import needs for about five months. He attributed recent pressure on the cedi to global developments including the Middle East conflict, but said the currency has since recovered and the bank remains committed to maintaining a well-functioning foreign exchange market.
6 August 2026 · Joy Online →

Thursday 30 July

CAL Asset Management reports strong unit trust returns in 2025
CAL Asset Management's CAL Advantage Balanced Unit Trust generated a net annual return of 32.16% in 2025, with assets under management more than doubling to GH¢28.64 million, bolstered by Ghana's improving macroeconomic conditions, easing inflation, and stronger cedi. The fund benefited from equity gains on the Ghana Stock Exchange and strategic investments in companies including MTN Ghana, Ecobank Ghana, and GCB Bank.
30 July 2026 · Joy Online →