Ghana Interest Rate

The Bank of Ghana maintained its benchmark monetary policy rate steady at 27% on January 27th, 2025, keeping borrowing costs at their highest since March 2018 for a second meeting. Bank of Ghana Governor Ernest Addison noted that inflation remained high, "largely driven by food prices caused by adverse weather and supply-chain disruptions." Ghana’s annual consumer inflation rose slightly for the fourth straight month to 23.8% in December 2024, the highest level since April 2024. "It is expected that the disinflation process will resume, contingent on renewed efforts toward fiscal consolidation anticipated under the new administration’s economic policy," he added. This was the first meeting since Cassiel Ato Forson was appointed finance minister by President John Mahama, who also recently took office.