Ghana signals further rate cuts as disinflation accelerates

• BoG says rapid disinflation has lifted real interest rates
• Markets expect policy rate to fall below 20% by year-end

ACCRA, GHANA – Ghana’s central bank says faster-than-expected disinflation has sharply lifted real interest rates, creating room for additional monetary easing as policymakers weigh the next steps in the country’s aggressive rate-cut cycle.

The signal comes after two major reductions this year. The Bank of Ghana lowered its policy rate by 300 basis points to 25% in July and by another 350 basis points to 21.5% in September – a cumulative 650-basis-point cut in 2025.