Ghana Monetary Policy Update

The Bank of Ghana unexpectedly held its policy rate at 14.0% due to inflationary risks stemming from the Iran war and higher oil prices. Goldman Sachs has consequently pushed back its forecast for future rate cuts to Q3 2026.

Key Takeaways

• 1.The Bank of Ghana (BoG) maintained its policy rate at 14.0%, defying consensus expectations of a 50bp cut.
• 2.Inflation projections for 2026 have been revised higher due to the geopolitical impact of the Iran war on oil prices.
• 3.The BoG and IMF have discussed a 36-month non-financing Policy Co-ordination Instrument (PCI) focused on fiscal and monetary reforms.

Table of Contents

• Bottom Line
• Key Numbers
• Main Points
• Disclosure Appendix
• Global product; distributing entities
• General disclosures

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