The Monetary Policy Committee (MPC) of the Bank of Ghana begins its 126th regular meeting today, Monday, September 15, 2025, as it weighs the country’s shifting economic landscape marked by falling inflation, mild currency pressures, and looming tariff risks.
Central to the 126th MPC meeting is the central bank’s next move on interest rates. The focus, according to the BoG follows a bold 300 basis point cut in July that brought the policy rate down to 25 per cent.
That decision was driven by five straight months of declining inflation, a trend that has continued, with consumer inflation easing further to 11.5 per cent in August, already below the year-end target of 11.9 per cent.
Meanwhile some market analysts are anticipating another rate cut, citing favourable base effects and a widening real interest rate margin.
But, the committee faces headwinds that could temper its approach. Potential increments in utility tariffs and persistent global trade tensions pose upside risks to inflation, prompting speculation that the MPC may adopt a more cautious stance.
However, the Ghanaian cedi has witnessed a marginal slip on the foreign exchange market.
Governor Dr. Johnson Asiama still remains optimistic and has downplayed the movement, attributing it to seasonal trade-related pressures rather than a reversal of earlier gains in currency stability.
The MPC’s deliberations will culminate in a press briefing on Wednesday, September 17, where the central bank is expected to announce its policy rate decision and share its outlook for the economy.