Bank of Ghana tightens policy as May inflation rises, cautions media on currency coverage

In May, Ghana's headline inflation rose to 3.7% year‑on‑year and 1.1% month‑on‑month, the strongest monthly increase since February 2025. Food, energy and imported cost pressures drove the rise, with food inflation climbing to 3.3% and housing, water and energy costs up 11.8% annually. The Bank of Ghana’s Monetary Policy Committee kept the policy rate at 14% at its May meeting and replaced the dynamic Cash Reserve Ratio with a uniform 20% reserve requirement, signalling limited room for further easing.

Second Deputy Governor Matilda Asante‑Asiedu warned journalists that sensational reporting on exchange‑rate movements can itself fuel currency volatility. She urged media outlets to report responsibly and outlined the bank’s communication steps, including post‑MPC briefings, publishing individual MPC members’ positions, establishing a Regional Press Corps and launching an Economic and Financial Journalist of the Year award. The remarks came as Ghana improved its press‑freedom ranking to 39th globally.