All seven members of the Monetary Policy Committee (MPC) of the Bank of Ghana voted to keep the policy rate at 14%. 

This was captured in Policy Decisions submitted by each member of the Monetary Committee of the Bank of Ghana, as released by the Bank of Ghana. 

A careful look at the report showed that the majority of these members cited external risks to the economy and concerns about the rising inflation as their major reasons for the rate hold.

For instance, one member, who was captured as MPC MEMBER 1 in the Decision Document, argued that the external environment has become less favorable, and “This could be exacerbated by potential weather-related disruptions associated with El Niño”.

This MPC Member again maintained that “These developments pose upside risks to the inflation outlook and warrant a cautious monetary policy stance”.

“For Ghana, these developments could lead to higher imported inflation and renewed pressure on the exchange rate and external sector”, he expressed worry. 

Another member also cited the rising fuel and food prices and shipping costs, as a result of higher energy and transport costs as major concerns. 

But a careful look at the decision document again showed that the majority of the members who voted for the rate to be maintained were of the view that keeping the policy rate unchanged would allow the committee to “assess the persistence of recent inflation developments and the potential impact of external shocks on the medium-term inflation path”.

Inflation Rate, Reserve Build-Up and Exchange Rate Concerns 

Going through all the decisions of the seven members of the MPC, it was clear that inflation was a major concern for them, especially the drivers of non-food inflation.

Their concerns about inflation had been influenced by the “quarterly utility tariff adjustment and rising domestic petroleum prices”.

However, there were some members who were still optimistic that despite recent pressures, inflation would fall back to their medium target of 8%+/-2 plus 2. 

Others were also worried about the potential exchange rate pressures, arising from the heightened external uncertainty. 

The majority of the members also highlighted a strong Ghanaian economy despite recent pressures. For instance, some of them cited a real Gross Domestic Product (GDP) growth of 6.0% in the second quarter of 2026, while the Composite Index of Economic Activity (CIEA) expanded by 14.9% year-on-year in July 2026, signalling continued growth momentum. 

Business and consumer confidence also remained near historical highs, and private sector credit growth has accelerated.

Ghana’s International Reserves declined from a high of US$14 billion to US$12 billion on 22 September 2026, due to record-elevated payment obligations and rising external debt service in the period ahead.