Bank of Ghana holds policy rate at 14% amid falling reserves

The Bank of Ghana has maintained its Monetary Policy Rate at 14% following its 132nd regular meeting. The Monetary Policy Committee reached a unanimous decision to keep the rate unchanged, citing a balance of risks regarding inflation and economic growth.

While headline inflation rose in August due to utility tariff adjustments and higher crude oil prices, the central bank noted that underlying inflation pressures and core inflation indicators are showing signs of moderation. Economic activity remained firm in the first half of 2026, supported by improved credit conditions and private sector lending.

Despite strong gold export earnings, Ghana’s gross international reserves fell to $11.07 billion in August, marking a 12-month low. Reserves decreased by approximately $1.9 billion between June and August. The central bank identified potential risks to the external position, including rising foreign exchange demand, a projected current account deficit, and a pause in gold exports by the Ghana Gold Board.