The Governor of the Bank of Ghana, Dr. Johnson Asiama, has warned that rising transport and haulage costs, coupled with potential increases in transport fares and utility tariffs, could intensify inflationary pressures as the central bank reviews the country's monetary policy stance.

Speaking at the opening of the 131st Monetary Policy Committee (MPC) meeting in Accra, Dr. Asiama said headline inflation has risen for three consecutive months, climbing from 3.2% in March to 5.3% in June 2026, with transport and haulage costs accounting for much of the increase.

"Headline inflation has risen for three consecutive months from 3.2 percent in March to 5.3 percent in June, driven largely by transport and haulage prices."

He said the Committee would assess whether the recent rise in inflation reflects a temporary response to external shocks or points to a more persistent trend that could require a policy response.

According to the Governor, the MPC will also examine how external commodity price pressures could combine with domestic factors, including possible adjustments in transport fares and utility tariffs, to shape the inflation outlook.

"This assessment must take into account the interaction between external commodity price pressures on one hand and prospective adjustments to utility tariffs and transport fares on the other hand, which could add a domestic impulse to what began as an external shock."

Dr. Asiama stressed that beyond the recent increase in prices, the central bank is focused on whether inflationary pressures are beginning to influence expectations and pricing behaviour across the economy.

"The central judgement in this is not whether inflation has moved but whether it is beginning to influence the expectations that shape price behaviour."

The Monetary Policy Committee is expected to announce its policy decision later this week after assessing domestic economic conditions, inflation risks and developments in the global economy.