All 6 MPC members voted for policy rate hold of 14%, citing inflation outlook concerns
The Monetary Policy Committee (MPC) voted for the policy rate to be kept unchanged at 14%. All six members of the MPC of the Bank of Ghana voted for this decision. The members met from May 18 to 20, 2026, to review developments in the economy over the past two months.
All the members raised concerns about developments in the Middle East and its impact on Ghana's inflation outlook. Some members were worried that Ghana's inflation could continue to go up to reach above the "10% mark" by the end of this year, if current developments do not end soon. Some members decided to adopt "the wait and see attitude" first, by holding the monetary policy rate and possibly react later.
Another member argued that there could be a possible increase in utility tariffs, transport fares, and Ghana's import cost. The members believe the Ghanaian economy was in a strong position now, but they were worried about the outlook if developments in the Middle East do not end soon. The Monetary Policy Committee of the Bank of Ghana is made of seven members. The Governor of the Bank of Ghana, Dr. Johnson Asiama, serves as the Chairman of the committee. The Governor does not cast a vote until there is a tie.
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The Monetary Policy Committee (MPC) of the Bank of Ghana met to review the economy. Members raised concerns about the Middle East and its impact on Ghana's inflation outlook - but what decision did they make?
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