The Bank of Ghana kept its benchmark interest rate unchanged at 14.0% during its July 2026 meeting, pausing after five consecutive rate cuts. The decision aligns with a growing number of central banks opting to keep borrowing costs higher for longer amid renewed geopolitical tensions in the Middle East and their potential impact on inflation. Governor Johnson Asiama said the current policy stance is intended to steer inflation toward the central bank's medium-term target while allowing policymakers more time to assess incoming data and its implications for the domestic economy. Headline inflation accelerated to 5.3% in June from 3.7% in May, driven largely by higher fertilizer prices following the surge in global oil prices.