GHDatafie blog

Ghana's monetary policy rate explained: 14.0 percent in September 2026

GHDatafie, 23 October 2026

Ghana's monetary policy rate was **14.0 percent** a year in September 2026, according to the Bank of Ghana. That is 7.50 percentage points lower than in September 2025, when it was 21.50 percent, a change calculated by GHDatafie.

The Bank of Ghana's monetary policy rate was 14.0 percent a year in September 2026, according to the Bank of Ghana. The figure is flagged final. A year earlier, in September 2025, the policy rate was 21.50 percent. GHDatafie calculated that the September 2026 figure is 7.50 percentage points lower. In short, the policy rate is lower now than it was a year ago.

What the policy rate is

The monetary policy rate is the interest rate the Bank of Ghana sets as its main signal on the cost of money. It is quoted in percent per year. The figure is decided by the bank's Monetary Policy Committee (MPC), a group that meets at intervals through the year. Banks and other lenders watch the policy rate, but it is the central bank's own rate. It is the starting signal, and your loan is priced separately.

How the figure is recorded

GHDatafie takes the policy rate from Table 11 (Money Market Rates) of the Bank of Ghana's Monthly Statistical Bulletin. In a month with an MPC meeting, the figure first comes from the MPC press release on decision day, printed as it appears there, for example 14.0. The bulletin's figure for that month follows later. If the bulletin shows a different number, GHDatafie keeps it as a revision.

Months without a meeting come from the bulletin only. So a month with no meeting appears only once the bulletin covering it is out. That is why April, June and August 2026 have no figure in the pack yet, while May, July and September 2026 do. The gaps reflect publication timing, and you should not read them as missing decisions.

The series starts in January 2015 and has 138 published dates. The chart above shows the newest figures, from March 2023 onwards.

How the policy rate has moved

In the figures shown, the highest policy rate is 30.00 percent, held from July to December 2023. The rate then came down in steps through 2024, rose once in March 2025, and fell in several steps from July 2025. It was 14.00 percent in March 2026 and has been printed as 14.0 in each MPC month since. The chart above has every value on hover. The rate has been unchanged in the three MPC months shown for 2026 after March.

How to read it

Changes in the policy rate are measured in percentage points, which is the gap between two rates. A move from 21.50 percent to 14.0 percent is 7.50 percentage points lower, as GHDatafie calculated. That is different from a percent change in the rate itself, and mixing the two up gives the wrong size of change.

The policy rate is set, not measured. Inflation or prices come from surveys, while the policy rate is a decision announced on a known day. A flat line on the chart means the committee left the policy rate where it was.

Common misunderstandings

The policy rate is not the rate your bank charges you. Banks set their own lending and savings rates, and this pack has no figures on those. A lower policy rate also says nothing on its own about what will happen next. The figures describe past decisions.

Another mix-up is the printing of 14.0 and 14.00. The press release prints one decimal place and the bulletin prints two. Both describe the same policy rate.

All figures here are as published by the Bank of Ghana and may be revised.

Where the figures come from

The monetary policy rate is published by the Bank of Ghana in MPC press releases and its Monthly Statistical Bulletin. GHDatafie compiles the figures and is independent of, and not endorsed by, the Bank of Ghana. See the full series on the monetary policy rate page, recent publications on releases, and other indicators on all series.

Questions people ask

What is Ghana's monetary policy rate now?

Ghana's monetary policy rate was 14.0 percent a year in September 2026, according to the Bank of Ghana. The figure is flagged final and, like all figures, may be revised.

How has Ghana's policy rate changed in the past year?

The policy rate was 21.50 percent in September 2025 and 14.0 percent in September 2026, according to the Bank of Ghana. GHDatafie calculated that this is 7.50 percentage points lower.

What does the policy rate mean for me?

The policy rate is the Bank of Ghana's main signal on the cost of money, set by its Monetary Policy Committee. It is not the rate your bank charges on a loan or pays on savings, which banks set themselves.

Who sets Ghana's monetary policy rate?

The Monetary Policy Committee of the Bank of Ghana decides the policy rate and announces it in a press release on decision day. The rate also appears later in Table 11 of the bank's Monthly Statistical Bulletin.

What was the highest policy rate in recent years?

In the figures shown from March 2023 onwards, the highest policy rate was 30.00 percent, held from July to December 2023, according to the Bank of Ghana.

Figures in this article

• Monetary policy rate: Source: Bank of Ghana (BoG), bog.gov.gh. Figures as published by BoG; compiled by GHDatafie, which is independent of and not endorsed by BoG.

Changes and everyday examples are calculated by GHDatafie from the published figures. GHDatafie is independent and is not part of, or endorsed by, the publishers it quotes.