Julie Kozack is the Communications Director of the International Monetary Fund
The International Monetary Fund (IMF) is urging the Bank of Ghana to maintain a tight monetary policy stance to ensure inflation continues to decline.
At a press briefing in Washington, IMF Communications Director Julie Kozack commended Ghana’s progress in reducing inflation from 54% at the end of 2022 to 13.7% in June 2025.
However, she cautioned that easing interest rates too soon could reverse the gains.
She emphasised the need for continued policy discipline to meet the Bank of Ghana’s medium-term inflation target of 8%, with a margin of plus or minus 2 percentage points.
“Going forward, it will be important for monetary policy to remain sufficiently tight, consistent with bringing inflation down to the Bank of Ghana’s target range of 8%, plus or minus 2 percentage points,” she stated.
Ghana has recorded six consecutive months of declining inflation, falling from 23.8% in December 2024 to 13.7% in June 2025.
Despite this progress, the policy rate remains at 28%, prompting calls from some business leaders for rate cuts to stimulate economic growth.
Kozack’s comments come as the Bank of Ghana begins its 125th Monetary Policy Committee (MPC) meeting today, Monday, July 28, to review key economic indicators, including inflation trends, currency stability, and the strength of the financial sector.
Ghana is currently implementing a $3 billion IMF-supported programme aimed at restoring economic stability, ensuring debt sustainability, and supporting long-term development.
DR/MA
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