Ghana’s central bank surprised markets with a deeper-than-expected rate cut, reinforcing confidence in slowing inflation and economic recovery.
Ghana’s central bank has cut its benchmark interest rate by 250 basis points to 15.50%, the lowest level in four years, as inflation continues to ease. The decision was larger than the 200-basis-point cut expected by most economists and follows earlier aggressive reductions in 2025.
The Bank of Ghana has now lowered rates by a cumulative 12.5 percentage points since beginning its easing cycle last July. Governor Johnson Asiama said the move reflects significantly improved macroeconomic conditions, supported by tight monetary policy, fiscal consolidation, and stronger foreign reserves.
Consumer inflation has dropped sharply from a record 54.1% in December 2022 to 5.4% in December 2025, well below the bank’s 8% target range. Growth is expected to remain strong into 2026.
Analysts expect further rate cuts this year as Ghana exits its IMF programme and prioritizes economic recovery.
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