PricewaterhouseCoopers (PwC), a professional services business, has proposed the Bank of Ghana to exercise caution while deciding whether to change the monetary policy rate during its meeting, which is set for Monday, November 24, to Wednesday, November 26, 2025.
PwC identified persistent external threats, citing UK-based Fitch Solutions, which has warned that while Ghana’s economic prospects are still promising, the country’s growth trajectory may be threatened by the escalating Islamist insurgency in the Sahel.
PwC Ghana’s Country Senior Partner, Vish Ashiagbor, told the media on the sidelines of the PwC 2026 Post-Budget Forum that when the central bank evaluates the existing 21.5% policy rate, it must weigh these new risks against the sharp drop in inflation.
“I wouldn’t be surprised if the rate is held,” he said. “Inflation has dropped significantly and is now within the Bank of Ghana’s target band of 8 percent plus or minus 2, so there’s room for a cut. But Fitch has reminded us that risks are still out there, so caution is key.”
He added that although a rate cut would be positive, maintaining the rate is the more likely outcome.
“A cut would be good, but with so many variables at play, I wouldn’t be surprised if the committee decides to maintain the rate.”
The Bank of Ghana’s recent monetary changes precede the policy decision. Citing a consistent drop in inflationary pressures, the Monetary Policy Committee (MPC) cut the benchmark rate by 350 basis points to 21.5% on September 17, 2025.
The majority of MPC members endorsed the cut. In the face of worries about currency stability and impending energy price increases, the central bank made its second major decrease of 2025 in an effort to boost credit expansion and aid in economic recovery.
After a little increase from 27% to 28% in March, the MPC lowered the rate by 300 basis points earlier in July 2025, from 28% to 25%. At its May meeting, the Committee decided to stick with the 28% rate.