BoG revises single-digit inflation target to 2026 second quarter

The Bank of Ghana (BoG) has extended its timeline for achieving single-digit inflation from Q1 2026 to Q2 2026, citing persistent macroeconomic challenges and structural issues.

BoG Governor, Dr. Ernest Addison, announced this during the 122nd Monetary Policy Committee press briefing on January 27, 2025.

The central bank’s inflation target remains within the 8±2% band, dependent on fiscal consolidation, tighter monetary policy, and adherence to benchmarks under Ghana’s Extended Credit Facility (ECF) with the IMF.

Dr. Addison emphasized the need for fiscal discipline, external sector improvement, and structural reforms to address supply-side constraints.

Inflation rose to 23.8% in December 2024, missing the 15% target. To counter inflationary risks, the BoG held its monetary policy rate steady at 27%, supporting economic recovery amid global uncertainties.