The Bank of Ghana's Monetary Policy Committee reduced its policy rate by 350 basis points to 18.00% at its November 2025 meeting. The decision was announced on 26 November, after Ghana's inflation fell to the central bank's 8% target in October.
The reduction followed cuts of 300 bp in July and 350 bp in September 2025, taking cumulative easing in 2025 to 1,000 basis points.
INFLATION AT TARGET
The November MPC press release said inflation had eased to the 8.0% target in October and that prevailing high real interest rates provided scope to ease policy.
At 18.00%, the policy rate remains above the 8.0% inflation rate reported for October.
OPEN MARKET OPERATIONS REVERT TO 14-DAY BILLS
Alongside the rate cut, the Bank of Ghana confirmed it would revert to using 14-day bills as the primary instrument for managing liquidity through open market operations.
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