The International Monetary Fund (IMF) has advised the Bank of Ghana to keep interest rates high to help keep inflation under control, even as some people call for rate cuts to boost the economy.
Speaking at a press briefing in Washington, IMF Communications Director Julie Kozack praised Ghana for making strong progress in reducing inflation. Inflation has dropped from 54% at the end of 2022 to 13.7% in June 2025.
“Going forward, it’s important for monetary policy to stay tight so that inflation continues to fall toward the Bank of Ghana’s target of 8%, plus or minus 2%,” she said.
Ghana has seen inflation drop for six straight months, from 23.8% in December 2024 to 13.7% in June 2025. Still, the Bank of Ghana’s key interest rate remains high at 28%. Some business leaders and analysts want the central bank to lower rates to support growth.
The IMF’s comments come as the Bank of Ghana begins its 125th Monetary Policy Committee (MPC) meeting today, Monday, July 28. The three-day meeting will look at inflation, exchange rates, and other economic issues.
Ghana is currently under a $3 billion IMF program designed to restore economic stability, manage debt, and promote growth.
