Bankers predict BoG will keep interest rates steady amid inflation concerns

The Ghana Bankers Association has signalled that the Bank of Ghana is likely to maintain its benchmark interest rate at the next Monetary Policy Committee (MPC) meeting, even as macroeconomic conditions continue to improve across the country.

Speaking at the launch of the PwC Ghana Banking Survey in Accra, Ghana Bankers Association chief executive John Awuah explained that recent inflationary pressures are expected to feature prominently in the MPC's decision-making. "We believe the Central Bank is likely to maintain the policy rate," he said, noting that whilst economic indicators have improved overall, emerging price pressures warrant caution.

The Bank of Ghana currently holds the monetary policy rate at 14.0 percent following the MPC's May 2026 decision to keep rates unchanged. Headline inflation stands at 5.3 percent, comfortably within the medium-term target range of 8 percent plus or minus 2 percentage points, though recent data suggest renewed upward pressure on prices.

A decision to hold rates would demonstrate the Central Bank's strategy of consolidating inflation gains whilst remaining vigilant to emerging risks. The upcoming MPC decision will be closely watched by investors, businesses and financial markets for signals on interest rate direction and Ghana's broader economic outlook.