Report published September 24, 2026

Ghana: BoG On Hold, In Line with Expectations – Goldman Sachs Macro Analysis

Goldman Sachs · September 24, 2026

The Bank of Ghana maintained its policy rate at 14.0%, meeting consensus expectations. Goldman Sachs expects the central bank to remain on hold through year-end 2026 amid external headwinds, domestic fiscal expansion, and currency pressures.

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Finvaulta summarizes Goldman Sachs's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.

Key Takeaways

1.The Bank of Ghana kept its policy rate unchanged at 14.0%, matching consensus and Goldman Sachs expectations.
2.Goldman Sachs expects the central bank to remain on hold through year-end due to risks from higher oil prices, a weaker Cedi, and core inflation.
3.Ghana's real GDP growth eased from 6.4% yoy in Q1 2026 to 6.0% yoy in Q2 2026, driven by an industrial sector slowdown.

Key Numbers
Main Points

Report data

Key figures extracted from this report

Metric	Estimate	Context
Bank of Ghana Monetary Policy Rate	14.0%	Bank of Ghana policy rate held steady at 14.0% in line with expectations.
Real GDP Growth	6.0 % yoy	Slowing from 6.4% yoy in 2026Q1, driven by industrial deceleration.
Headline CPI Inflation	5.0 % yoy	Headline inflation accelerated from 4.6% yoy in July to 5.0% yoy in August.
FX Reserves	11.1 US$ bn	FX reserves equivalent to 4.2 months of imports.
Public Debt to GDP	45.9 % of GDP	Public debt rose from 43.9% of GDP in July 2025.