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The Bank of Ghana Monetary Policy Committee held the policy rate at 29.00% at its May 2025 meeting, maintaining the tight monetary stance adopted in response to the 2022-2023 inflation and currency crisis. This was the fourth consecutive hold at this level.
The Committee cited persistent core inflation at 22.1% in May 2025 and ongoing exchange rate pressures from import demand as the primary reasons for holding. The Governor noted that while headline inflation has declined from its peak of 54.1% in December 2022, it remains above the Bank's medium-term target band of 6-10%.
The next MPC meeting is scheduled for 26-28 August 2025. Market consensus, as reflected in primary dealer surveys and Bloomberg consensus, points to a possible 100 basis point cut if June and July CPI data confirm continued disinflation.
Primary Sources Used
Related: Ghana Monetary Policy Timeline
Source Registry — Ghana
Bank of Ghana
Central Bank · bog.gov.gh
MPC: bimonthly
Ghana Statistical Service
Statistics · statsghana.gov.gh
CPI: monthly
Securities & Exchange Comm.
Regulator · sec.gov.gh
Notices: as issued
Ministry of Finance
Government · mofep.gov.gh
Budget: annual