Bank of Ghana cuts policy rate by 250 basis points to 15.5% in January 2026

The Bank of Ghana’s Monetary Policy Committee cut the policy rate by 250 basis points to 15.50% on 28 January 2026, at the end of its first meeting of the year. The decision was taken by a majority vote of the Committee.

INFLATION BELOW TARGET BAND

Headline inflation fell to 5.4% in December 2025, from 23.8% a year earlier, below the central bank’s 8% (±2 percentage points) medium-term target. Real GDP grew 6.1% in the first three quarters of 2025, and gross international reserves stood at US$13.8 billion.

The cut followed a 350 basis point reduction in November 2025 and brought the policy rate below the 28% level of the first half of 2025.

Sources: Bank of Ghana, monetary policy releases; Bank of Ghana MPC statement (full text), 28 January 2026.