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March 25, 2026
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4 MPC members voted for 150bps cut in policy rate to 14%
Money
Policy
Growth
Key Points
- The Bank of Ghana's Monetary Policy Committee (MPC) voted to cut the policy rate.
- Four out of six members voted for a 150 basis points cut, bringing the rate to 14.0%.
- One member voted for a 75 basis points cut, while another preferred to keep the rate unchanged at 15%.
- The majority's decision was influenced by concerns over developments in the Middle East and their potential impact on inflation, growth, utility tariffs, and cost of credit.
- Key downside risks to inflation include rising international crude oil prices and their transmission to domestic fuel prices, though fiscal discipline and exchange rate stability could moderate this.
Why This Matters
This decision by the Bank of Ghana's MPC to cut the policy rate is crucial for Ghana as it directly influences borrowing costs for businesses and individuals, impacting investment and consumption. It signals the central bank's assessment of the economic outlook, balancing the need to stimulate growth with managing inflationary pressures, particularly those stemming from global oil prices and their effect on domestic prices.
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