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PricewaterhouseCoopers (PwC) has urged the Bank of Ghana to exercise caution as it considers potential adjustments to the country’s monetary policy rate at its upcoming meeting, scheduled for November 24 to November 26, 2025.

PwC highlighted ongoing external risks, referencing a warning from UK-based Fitch Solutions, which cautioned that, despite Ghana’s strong economic outlook, rising Islamist insurgencies in the Sahel region could pose a threat to the country’s growth trajectory.

Speaking at the PwC 2026 Post-Budget Forum, PwC Ghana's Country Senior Partner, Vish Ashiagbor, stressed the importance of balancing the significant decline in inflation with emerging vulnerabilities as the central bank reviews the current policy rate of 21.5%. "I wouldn’t be surprised if the rate remains unchanged," Ashiagbor said. "While inflation has fallen sharply and is now within the Bank of Ghana’s target range of 8% ±2%, leaving room for a rate cut, Fitch has reminded us that there are still risks on the horizon. Caution is essential."

Ashiagbor acknowledged that a rate cut would be a positive development, but he suggested that maintaining the rate was more likely given the uncertain economic landscape. "A cut would be beneficial, but given the numerous variables at play, I wouldn’t be surprised if the committee opts to hold the rate steady," he added.

The policy decision follows the Bank of Ghana's recent monetary adjustments. On September 17, 2025, the Monetary Policy Committee (MPC) reduced the benchmark rate by 350 basis points, bringing it to 21.5%, citing a steady decline in inflationary pressures. This reduction, which marked the second significant rate cut of the year, was aimed at stimulating credit growth and supporting economic recovery amid concerns over currency stability and the potential for higher utility tariffs.

Earlier in July 2025, the MPC had also reduced the policy rate by 300 basis points from 28% to 25%, following a marginal increase from 27% to 28% in March. The Committee maintained the 28% rate at its May meeting.

Source: theghanareport.com