Bank of Ghana set to lower policy rate amid Global risks
17th March 2026
The Bank of Ghana is expected to reduce its policy rate further by 150 basis points, bringing it down to 14%.
According to IC Research, the real policy rate currently stands at 12.2%, based on the latest disinflation and the nominal policy rate of 15.5%.
“While this indicates significant room for a deeper cut, we believe the Monetary Policy Committee (MPC) will exercise caution amid volatile geopolitical risks, particularly with surging energy prices and a stronger US Dollar,” IC Research noted.
The firm added, “We expect the authorities to maintain a preference for a double-digit real policy rate with a rate-cut bias, projecting a reduction of between 100–200 basis points, with a leaning towards a 150bps cut to 14.0%.”
The MPC of the Bank of Ghana previously lowered the policy rate to 15.5% in January 2026 from 18% to stimulate economic growth and respond to declining inflation.
In its January decision, the MPC highlighted that macroeconomic conditions had improved significantly, supported by a tight monetary policy stance, fiscal consolidation, and a substantial accumulation of reserves.
Inflation has fallen faster than expected, remaining well-anchored, while economic growth has strengthened, creating room for a measured policy rate adjustment.