The Bank of Ghana has maintained its Monetary Policy Rate at 14 percent following the conclusion of the 130th Monetary Policy Committee meeting held from May 18 to 20, 2026.

Governor of the central bank , Johnson Asiama, said the decision was taken after the committee assessed risks to inflation and economic growth as broadly balanced despite growing global uncertainty linked to the ongoing Middle East conflict.

According to the committee, tensions in the region have disrupted global trade flows, pushed up crude oil prices, and renewed inflationary pressures across advanced and emerging economies.

The International Monetary Fund has consequently revised its 2026 global growth forecast downward from 3.3 percent to 3.1 percent.

Domestically, the bank noted that economic activity remained strong in the first quarter of 2026, with the Composite Index of Economic Activity expanding by 12.6 percent in March, compared to 2.3 percent during the same period last year.

Headline inflation, however, edged up slightly to 3.4 percent in April from 3.2 percent in March, marking the first increase since December 2024.

The increase was largely driven by non-food inflation, although core inflation continued to decline.

The committee said inflation is expected to rise gradually into the medium-term target band due to exchange rate movements, food supply conditions, and transport fare adjustments.

The central bank also warned that prolonged geopolitical tensions could keep crude oil prices above 100 dollars per barrel, with possible spillover effects on transport fares and utility prices in Ghana.

Despite the risks, the bank said stronger reserve buffers, relative exchange rate stability, and fiscal discipline are expected to help contain inflationary pressures in the coming months.

The next MPC meeting is scheduled for July 20 to 22, 2026.