BoG’s MPC meets as inflation eases but currency, tariff risks linger

The Bank of Ghana’s Monetary Policy Committee (MPC) begins its 126th regular meeting today, Monday, September 15, 2025, to assess recent economic trends and decide on the central bank’s next policy direction.

The meeting comes against the backdrop of a steady decline in inflation and a slight depreciation of the cedi on the foreign exchange market.

In July, the MPC cut the policy rate by 300 basis points to 25 percent, following five straight months of easing inflation. With consumer inflation dropping further to 11.5 percent in August—below the year-end target of 11.9 percent—analysts are anticipating another cut, buoyed by favourable base effects.

Still, the Committee faces risks that could limit its room for policy easing. Rising global trade tensions and the likelihood of higher utility tariffs remain threats to the inflation outlook.

On the cedi’s performance, Governor Dr. Johnson Asiama has dismissed concerns, attributing recent weakness to seasonal trade demand rather than a reversal of earlier stability.

The MPC will announce its decision and present its economic outlook at a press briefing scheduled for Wednesday, September 17, 2025.