PwC flagged lingering external risks, referencing UK-based Fitch Solutions, which has cautioned that although Ghana’s economic outlook remains robust, rising Islamist insurgency in the Sahel could threaten the country’s growth trajectory.

Speaking to the media on the sidelines at the PwC 2026 Post-Budget Forum, PwC Ghana’s Country Senior Partner, Vish Ashiagbor, said the central bank must balance the sharp decline in inflation with these emerging vulnerabilities as it reviews the current 21.5% policy rate.

“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 policy decision comes on the back of the Bank of Ghana’s recent monetary adjustments. On September 17, 2025, the Monetary Policy Committee (MPC) lowered the benchmark rate by 350 basis points to 21.5%, citing a steady decline in inflationary pressures. The reduction was approved by a majority of MPC members.

That move marked the second significant cut in 2025 as the central bank sought to stimulate credit growth and support economic recovery amid concerns over currency stability and looming utility tariff hikes.

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