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# Bank of Ghana holds monetary policy rate at 27% as inflation pressures stall disinflation
- URL: https://www.theglobalbanker.com/bank-of-ghana-holds-monetary-policy-rate-at-27-as-inflation-pressures-stall-disinflation/
- Published: 2024-11-29T16:20:00.000Z
- Updated: 2026-11-01T17:17:00.000Z
- Description: The Bank of Ghana's MPC kept its policy rate unchanged on 29 November 2024 after inflation rose to 22.1% in October, citing food prices, earlier cedi depreciation and fuel and utility tariff adjustments.
- Author: TGB Editorial Team
- Tags: Central Banks, Africa, #archive

The Bank of Ghana's Monetary Policy Committee (MPC) kept its monetary policy rate unchanged at 27% on 29 November 2024, pausing after it lowered the rate from 29% in September as inflation edged higher.

The committee said inflation projections showed a slightly elevated profile, driven by high and unstable food prices, the pass-through of previous exchange-rate pressures, fuel prices and utility tariff adjustments. Steep food price increases, together with a fast-depreciating currency earlier in the year, had “altered the inflation trajectory and stalled the disinflation process”, the MPC said.

Headline inflation rose to 22.1% in October 2024 from 21.5% in September, driven by increases in both food and non-food inflation. The government had set a year-end inflation target of 15%.

#### INFLATION FORECAST REVISED UP

The MPC said the average inflation forecast for a year ahead had increased to 20.1% from 19.0% at its previous meeting, and that the horizon for inflation to return to the 6–10% target band had shifted to the fourth quarter of 2025 from the third quarter. The committee described the growth outturn as strong, with leading indicators of economic activity pointing to stronger growth in the second half of the year.

The committee attributed recent exchange-rate movements partly to economic uncertainty tied to the upcoming elections and heightened demand for foreign currency, and said it expected the cedi's recent rebound to continue as election-related uncertainty eased and the central bank strengthened its foreign-exchange reserves. It said current policy measures were aligned with Ghana's International Monetary Fund programme, but that it was important to prevent recent trends, including persistent currency depreciation, from influencing longer-term inflation expectations. Ghana was due to hold general elections on 7 December 2024.