All six members of the Monetary Policy Committee (MPC) of the Bank of Ghana voted for the policy rate to be kept unchanged at 14%.

This was after they met from May 18 to 20, 2026, to review developments in the economy over the past two months.

All the members in their submissions also raised concerns about developments in the Middle East and its impact on Ghana’s inflation outlook.

This is the first time all of them voted in the right direction.

However, some of the members were worried that Ghana’s inflation could continue to go up in the coming months to reach above the “10% mark” by the end of this year, if current developments do not end soon.

This was why some of the members decided to adopt “the wait and see attitude” first, by holding the monetary policy rate and possibly react later.

These concerns were captured in the Monetary Policy Committee Decision Report, in terms of the submissions made by the members.

Another member on the Monetary Policy Committee voted for a rate hold arguing that there could be a possible increase in utility tariffs in the coming months, transport fares going up  and even Ghana’s import cost.

A careful read of the submissions made by members of the committee showed that even though they believe the Ghanaian economy was in a strong position now, they were, however, worried about the outlook, if developments in the Middle East doesn’t end soon.

The Monetary Policy Committee of the Bank of Ghana is made of seven members. The Governor of the Bank of Ghana Dr. Johnson Asiama,  serves as the Chairman of the committee.

However, during these Monetary Policy Committee Meetings, the Governor does not cast a vote until there is a tie. He then cast what some may describe as a “deciding vote”.