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MPC keeps policy rate at 14%, cites inflation risks due to Middle East tensions
July 22, 2026
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MPC keeps policy rate at 14%, cites inflation risks due to Middle East tensions

Money
Policy
Growth

Key Points

  • The Bank of Ghana's Monetary Policy Committee (MPC) unanimously maintained the Monetary Policy Rate (MPR) at 14 percent.
  • The decision was influenced by rising external risks to inflation despite the domestic economy's continued strength.
  • Inflation remains broadly in line with forecasts, although headline inflation increased in June due to temporary factors and base effects.
  • Upside risks to inflation include potential utility tariff adjustments and escalating geopolitical tensions impacting crude oil prices.
  • Domestic economic activity remains resilient, supported by strong private sector credit growth, improved confidence, and favorable financing conditions.

Why This Matters

The decision to maintain the policy rate at 14 percent signals the Bank of Ghana's commitment to balancing economic growth with inflationary control amidst global uncertainties. This stability in borrowing costs can influence business investment and consumer spending, impacting the broader economic outlook for Ghana.

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