MPC acknowledges emerging inflationary risks from higher crude oil prices, upward adjustments in utility tariffs

The Committee indicated that it will continue to closely monitor developments and assess their implications for inflation and growth. The Monetary Policy Committee (MPC) of the Bank of Ghana has unanimously maintained the Monetary Policy Rate at 14.0% following its 132nd regular meeting held from 23 to 24 September 2026. The Committee noted the continued resilience of the domestic economy, supported by easing credit conditions and improved business and consumer sentiment, while acknowledging emerging inflationary risks from higher crude oil prices, upward adjustments in utility tariffs, and global supply chain pressures. Commenting on the decision, Governor Dr Johnson Pandit Asiama stated: “The balance of risks to inflation and growth remains broadly balanced.” Headline inflation rose to 5 percent in August 2026, but well anchored, while economic activity remained strong, with real GDP growth of 6.0 percent recorded in the second quarter of 2026. The banking sector, according to the Committee, remains solvent, profitable and liquid. Dr Asiama also announced that the Bank of Ghana is set to upgrade cedi banknotes. He said this policy will be rolled out under the Ghana Cedi Heritage Series, which will be launched on November 3rd. Dr Asiama said this during the 132nd Monetary Policy Committee press conference in Accra on Thursday, September 24. He explained that this forms part of measures to maintain the integrity of the Cedi notes. He urged all traders and the general public to handle the banknotes with care. He made the point that ensuring and preserving the integrity of the banknotes is not the function of the Bank of Ghana alone, but of all stakeholders. He said, "Preserving the integrity of the banknotes is not the function of the Bank of Ghana alone; It is a shared responsibility. "All Ghanaian businesses, traders, and financial institutions handle the banknotes with the care they deserve. Stop crumpling, writing or stapling them; don't use them for money bouquets, showering and spraying at events." "We have budgeted for it, we have everything documented, and it will be reflected in our 2026 audited accounts," he said when asked how much this policy rollout will cost. *Source: [3News](https://3news.com/news/mpc-acknowledges-emerging-inflationary-risks-from-higher-crude-oil-prices-upward-adjustments-in-utility-tariffs)*