Ghana news briefing
Proceed cautiously with further policy rate cuts – IMF to BoG
The Fund added that the BoG is near the end of a monetary easing cycle that brought the policy stance to neutral.
The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to proceed cautiously with further policy rate reductions, given potential second round effects from the impact of the war in the Middle East on energy and fertiliser prices, the fiscal relaxation under the Policy Coordination Instrument, and persistent risks from the high exchange rate pass-through.
In March 2026, the BoG’s monetary policy committee (MPC) decreased its policy rate by 400 basis points to 14%, bringing cumulative cuts to 1,400 basis points since July 2025.
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