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The Bank of Ghana (BoG) has maintained its monetary policy rate at 14 per cent, extending its rate hold to a third consecutive Monetary Policy Committee (MPC) meeting.
The decision was announced by BoG Governor and MPC Chairman, Dr Johnson Pandit Asiama, at a press conference in Accra on Thursday, September 24, 2026, following the 132nd MPC meeting.
The MPC unanimously agreed to keep the policy rate unchanged as it continues to assess inflation developments, credit conditions and broader economic activity.
Inflation remains below BoG target range
Dr Asiama said headline inflation stood at 5 per cent in August 2026, remaining below the lower bound of the Bank’s 8±2 per cent target band.
He noted that while domestic cost pressures persisted across areas including housing, transport and services, exchange rate stability had helped limit the impact of imported inflation on the economy.
The Governor also pointed to improvements in financial conditions, noting that the average banking lending rate had declined by 15.9 per cent, while credit growth to the private sector had rebounded.
The developments suggest that the transmission of previous monetary policy easing is continuing to feed through to borrowing conditions and private-sector financing.
Banking sector remains resilient
The BoG said the banking sector remained solvent, profitable and liquid despite the broader economic and global uncertainties.
Dr Asiama said the sector’s Non-Performing Loan (NPL) ratio had declined to 15.7 per cent, indicating an improvement in asset quality compared with previous levels.
The continued resilience of the banking sector provides the central bank with room to monitor the impact of monetary conditions on credit and financial stability while assessing emerging risks.
However, the Governor noted that heightened global tensions had disrupted supply chains and continued to present risks to the broader economic outlook.
At the same time, the MPC observed that domestic economic activity had remained resilient, supporting the decision to maintain the current policy stance.
Policy rate remains at 14% since March
The BoG’s policy rate has remained at 14 per cent since March 2026, when the MPC reduced the benchmark rate to its lowest level since October 2021.
The latest decision therefore marks the third consecutive MPC meeting at which the central bank has maintained the rate at the same level.
With inflation remaining below the lower end of the Bank’s target band, lending conditions improving and domestic activity showing resilience, the MPC opted to retain the existing policy rate while continuing to monitor inflationary pressures, global developments and financial-sector conditions.
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