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The Bank of Ghana left its benchmark interest rate unchanged at 14.0% at its July 2026 meeting, halting a cycle of five consecutive cuts. The move mirrors the stance of a growing number of central banks that are keeping borrowing costs elevated for longer in response to renewed geopolitical tensions in the Middle East and their potential inflationary effects.
Governor Johnson Asiama said the current policy stance is designed to guide inflation toward the Bank’s medium-term target while giving policymakers more time to evaluate incoming data and its implications for the domestic economy. Headline inflation picked up to 5.3% in June from 3.7% in May, driven primarily by higher fertilizer prices following the latest surge in global oil prices.
