The Bank of Ghana (BoG) Monetary Policy Committee (MPC) voted unanimously to maintain the policy rate at 27% at its May 2026 meeting — the third consecutive hold after the dramatic rate hikes of 2022–2023.
Key MPC Statements
- Headline inflation has declined from a peak of 54.1% (December 2022) to 23.8% as of April 2026.
- The MPC cited continued risks including cedi volatility, energy sector pressures, and elevated food prices.
- The committee signalled it would begin easing if disinflation continues through Q3 2026.
What This Means for Investors
A stable policy rate means fixed deposit rates are likely to remain in the 18–25% range in the near term. Treasury Bill yields (91-day T-bill) are currently at approximately 23.5% — setting the floor for money market fund returns.
If the BoG begins cutting rates later in 2026 as expected, fixed deposit rates will fall. Investors should consider locking in longer-tenure FDs (180 days to 1 year) now to secure current high rates before they decline.
T-Bill Rates at a Glance (May 2026)
- 91-day Treasury Bill: 23.52%
- 182-day Treasury Bill: 24.31%
- 364-day Note: 25.10%
The next MPC meeting is scheduled for July 2026. Watch the BoG website (bog.gov.gh) for the full MPC communiqué and updated economic projections.