The Bank of Ghana left its benchmark interest unchanged at 14% in its May 2026 meeting, pausing after five consecutive rate cuts. Policymakers said the decision reflected a cautious but supportive stance designed to anchor inflation expectations while also supporting economic activity. Governor Johnson Asiama noted that the Middle East conflict had “stoked inflationary concerns and underlined policy uncertainty, with potential implications for the domestic economy.” Ghana’s annual inflation rate inched up to a three-month high of 3.4% in April, from 3.2% in March, but remained subdued overall.