The Monetary Policy Committee (MPC) of the Bank of Ghana begins its 126th regular meeting today, Monday, September 15, 2025, against the backdrop of declining inflation and fresh concerns over risks that could test the country’s economic stability.
At its July sitting, the MPC cut the policy rate sharply by 300 basis points to 25 percent, encouraged by five straight months of easing inflation. Since then, consumer inflation has fallen further to 11.5 percent in August, already below the end-year target of 11.9 percent.
But despite this progress, the central bank may resist rushing into deeper cuts.
Risks on the Horizon
Analysts warn that global trade tensions and the prospect of a hike in utility tariffs could threaten the disinflation trend and put pressure on household and business costs.
“The downside risks are real, and the Committee will have to weigh them carefully before taking further action,” an economic analyst noted ahead of the meeting.
Cedi Slippage Downplayed
On the currency front, Governor Dr. Johnson Asiama has dismissed concerns about the recent marginal weakening of the cedi, attributing it to seasonal trade-related demand rather than a reversal of earlier gains in stability.
Decision Day Set
The three-day deliberations will close on Wednesday, September 17, 2025, with the Governor expected to announce the MPC’s decision on the policy rate and its updated outlook for the Ghanaian economy.
Observers say the choice before the MPC is delicate: consolidate the inflation victory with further easing, or hold back in anticipation of external shocks that could undo recent progress.
