BoG maintains medium-term inflation target of 8 ± 2%

The Bank of Ghana has maintained its medium-term inflation target of 8 ± 2% barring any shocks.

This follows a third consecutive increase in year-on-year inflation in September 2026.

At the 132nd Monetary Policy Committee, the Committee expressed concerns about the elevated external risks arising from the global economy amid relatively favourable domestic conditions.

The Committee also observed an uptick in headline inflation in August, driven largely by an increase in non-food inflation.

Despite this uptick, the Committee noted easing inflation expectations and core inflation over the period, suggesting moderating underlying inflationary pressures.

Following its evaluation of global and domestic developments, it maintained that headline inflation remained on course to return to its target range of 8±2% over the medium term, barring any shocks.

“Upward adjustments in utility tariffs, rising ex-pump petroleum prices, strengthening of the US dollar, and adverse spillovers from global supply chain disruptions posed upside risks to the inflation outlook,” it said.

These risks were, however, expected to be largely offset by downside risks emanating from fiscal consolidation, improved food supply conditions, and exchange rate stability.

Headline inflation rose to 5.2% in September 2026, up from 5.0% in August 2026.

Consumer Price Inflation went up 1.1% month-on-month in September, reversing the previous month’s trend.

Food Inflation picked up to 4.0% in September from 3.0% in August, whilst non-food inflation eased slightly to 6.2% in September 2026 from 6.8% in August 2026.