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Ghana macro stability, policy rate hold, lending concerns
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2026-07-29 15:22 UTC → 2026-07-29 21:00 UTC ·
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Ghana debt restructuring done, inflation dip, cedi slides macro stability, policy rate hold, lending concerns
The Ministry of Finance completed the final exchange of SADEREA notes on 13 July 2026, ending the sovereign bonded‑debt restructuring programme and reinforcing investor confidence. Databank Research projects consumer‑price inflation to fall to 4.6‑5.0 % by July 2026, helped by stronger food supplies, low petroleum prices and favourable base‑effects. Meanwhile, the cedi has weakened to around GH¢12.20 per US$, a near‑10 % depreciation since the start of the year, despite a US$2.01 billion FX intervention in June that reduced exchange‑rate volatility. The Bank of Ghana’s Monetary Policy Committee kept the policy rate unchanged at 14 % during at its July 20‑22 meeting and reaffirmed the stance on 22 July amid rising global oil prices and US‑Iran tensions. A subsequent At the 131st meeting on 29 July 2026 again July, six of seven members voted unanimously to maintain the 14 % rate (six of seven members in favour, while Governor Dr Johnson Asiama abstaining). The central bank cited abstained, citing an uncertain inflation outlook, heightened external risks and the ongoing Middle‑East conflict, warning conflict. The central bank warned that premature easing could erode price‑stability gains while gains, whereas further tightening might curb credit growth. Analysts view the repeated hold as a stabilising signal that could boost confidence in the Ghana Stock Exchange, allowing investors to assess equities against fixed‑income assets with greater certainty. PwC cautioned that persistently high commercial lending rates, averaging about 17.6 % despite the 14 % policy rate and headline inflation now at 5.3 %, could stall Ghana’s economic recovery. The firm warned that elevated borrowing costs may limit investment and job creation, particularly for small and medium‑sized enterprises, and that global energy price volatility and the Middle‑East conflict could pressure the trade balance. PwC highlighted the importance of continued fiscal spending on infrastructure, higher gold prices and regional trade opportunities under the African Continental Free Trade Area to support growth.
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- 2026-07-29 21:00 UTC Ghana macro stability, policy rate hold, lending concerns
- 2026-07-29 15:22 UTC Ghana debt restructuring done, inflation dip, cedi slides
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