GhanaInsightsMacroeconomic updateMonetary Policy

29 November 2022

Ghana MPC Update : Staying the Course

In brief

  • The Bank of Ghana delivered a 250bps hike in the monetary policy rate to 27.0% at the November 2022 monetary policy committee meeting


  • In view of the potential price pressures from the proposed tax measures in 2023 and a lingering FX uncertainty, we reckon a final policy rate hike of up to 200bps could be on the cards in 1Q2023


  • A bearish near-term outlook on the external accounts, but debt restructuring could ease the pressure in 2023


  • The weakening economic activity will culminate in a lower real GDP growth in FY2023


  • Banking sector remains profitable but risk to financial soundness is mounting