The Monetary Policy Committee (MPC) of the Bank of Ghana (BoG) has begun its 127th meeting on Monday, November 24, 2025, with key discussions expected to focus on macroeconomic developments shaping Ghana’s recovery trajectory.

The Committee will review current economic conditions and signal the central bank’s policy stance for the final weeks of 2025, amid relative stability in the Ghana Cedi following a brief depreciation earlier this year. The BoG has described the earlier weakness as a market correction rather than a reversal in the currency’s overall trend.

Despite recent stability, the Cedi has shown marginal depreciation in recent weeks, partly due to heightened demand for dollars ahead of the Christmas trading season.

Inflation has continued its downward trajectory, with consumer inflation falling to 8% in October, driven by sustained tight monetary policy, fiscal consolidation, and improved food supply conditions. The current rate is now below the year-end target of 11.9%, strengthening calls for further monetary easing.

Economic performance has also improved. Real GDP, including oil, expanded by 6.3% in Q2 2025, up from 5.1% in 2024, while non-oil GDP grew 7.8%, compared to 5.7% the previous year. The growth reflects sustained activity in services, construction, and agriculture.

The MPC previously cut the benchmark policy rate by 350 basis points in September to 21.5%, following a 300-basis-point cut in July. Governor Dr. Johnson Asiama noted that these measures aimed to stimulate credit growth and support economic recovery, though he cautioned that risks remain, particularly from potential utility tariff adjustments and ongoing currency pressures.

With inflation at 8% and the real policy rate remaining significantly positive, market analysts see room for further easing. Expectations range from a 100 to 250 basis-point reduction, contingent on fiscal discipline and stable external conditions, particularly global commodity prices and forex market volatility.

Markets will be closely watching how the MPC balances the need for continued economic recovery with currency stability, especially as the Cedi faces seasonal forex demand pressures.

The Committee’s deliberations will conclude with a press conference on Wednesday, November 26, 2025, where the BoG will announce its policy rate decision and provide an updated economic outlook.