The International Monetary Fund (IMF) has advised the Bank of Ghana to keep a tight monetary policy stance to consolidate recent gains in reducing inflation, despite growing calls for interest rate cuts.

Speaking at a press briefing in Washington, Communications Director at the IMF Julie Kozack said Ghana has worked to significantly reduce inflation from a high of 54 percent at the end of 2022 to 13.7 percent by June 2025.

“Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range of 8 percent, plus or minus 2 percentage points,” she stated.

“Ghana has made good progress since the beginning of the program in reducing inflation. Inflation was extremely high at the end of 2022 at 54%. It has now come down substantially to 14% at end June 2025,” she added.

BoG starts PMC meeting

The Governor of the Bank of Ghana (BoG) Dr. Johnson Asiama has charged members of the Monetary Policy Committee (MPC) to ensure that their decisions support the ongoing economic recovery process without compromising current gains.

Dr. Asiama noted that one of the key questions that should be under consideration is whether “current macroeconomic configuration permits a recalibration of the policy stance”.

He reminded members of the committee that their decisions should be guided by the fact that inflation expectation is more firmly anchored, external buffers strengthened, and confidence maintained.

The Governor made the statements in his opening remarks at the Monetary Policy Committee meeting at the Bank of Ghana Head office in Accra today, July 28, 2025.

Dr. Asiama urged all the members to sharpen their focus on “forward-looking risks, policy trade-offs, and credible guidance to markets”.

“Our mandate requires a balanced decision that reinforces stability while enabling sustainable growth”, he emphasized.