The Monetary Policy Committee (MPC) may cut the policy rate by 150 basis points to 12.5% in September 2026.

According to Databank Research, this would be consistent with the continued correction in inflation towards the Bank of Ghana’s medium-term target band of 8% ± 2%.

“Despite external shocks, monetary policy in 1H’26 [half-year 2026] remained on a cautious easing path, with our expectation of two rate cuts for the year [2026] still intact following the first reduction in March 2026, which lowered the policy rate to 14.0%”.

It explained that inflation, however, reaccelerated to 5.3% in June 2026 from 3.8% in January 2026, reflecting renewed price pressures from energy and imported inputs, even as monthly inflation remained relatively contained.

It added that easier financial conditions have supported credit transmission, with private sector credit growth rising to 41.2% year-on-year in nominal terms and 34.1% in real terms, while the banking sector’s industry-wide Capital Adequacy Ratio (CAR) stood at 20.4% and the gross NPL ratio improved to 16.1%.

This underscores solid capital buffers and gradually improving asset quality.

The Monetary Policy Committee (MPC) of the Bank of Ghana in July 2026 kept its policy rate unchanged at 14%.

It expressed concerns about rising global prices and transport cost and renewed conflict in the Middle East.