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Ghana Monetary Policy September 2023

Ghana: Bank of Ghana sticks to 30.00% rate in September

At its meeting on 18–22 September, the Monetary Policy Committee of the Bank of Ghana (BOG) kept its monetary policy rate unchanged at 30.00%.

The decision was driven by the decreases in headline and core inflation since the start of the year and “well-anchored” survey-based expectations for the year ahead.

Meanwhile, the Bank noted that the cedi had remained roughly stable in January–September—after tanking last year—amid a current account surplus, the influx of USD 600 million in financial support from the IMF in May and an increase in external reserves.

Lastly, the BOG noted that its economic activity indicator has contracted less since the start of the year.

In its press release, the BOG did not provide any forward guidance. However, the Bank noted that there are upside risks to inflation stemming from utility price increases and rising global commodity prices. Most of our panelists project that the BOG has reached the end of its hiking cycle and anticipate monetary easing in Q1 2024.

The next monetary policy meeting will be on 22–24 November, with the decision scheduled to be announced on 27 November.

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