BoG’s MPC Convenes as Inflation Declines, Currency Faces Strain, and Tariff Concerns Loom
The Monetary Policy Committee of the Bank of Ghana begins its 126th regular meeting later today, [Monday, September 15, 2025], with a focus on key developments shaping the economy.
That’s a steady fall in inflation and the recent marginal slip of the cedi on the foreign exchange market.
The meeting will review current economic conditions and set the tone for the policy direction of the central bank.
At its last meeting in July, the Monetary Policy Committee of the Bank of Ghana cut the policy rate by 300 basis points to 25 percent. It came on the back of five consecutive months of easing inflation.
But with consumer inflation slipping further to 11.5 percent in August, already below the year-end target of 11.9 percent, the market expects another rate cut this month, supported by favourable base effects.
However, the Committee faces risks that could temper its policy stance.
Global trade tensions and a potential hike in utility tariffs remain upside threats to the inflation outlook. With this is mind, the Committee may be cautious with the rate.
On the local currency front, Governor Dr. Johnson Asiama has downplayed the recent slippage. He attributes the blips to seasonal trade pressures rather than a reversal of earlier stability gains.
Though a tough time for the Committee, its deliberations will conclude with a press conference on Wednesday, September 17, 2025 where the policy rate decision and the central bank’s outlook for the economy will be announced.
