Economist Prof Peter Quartey has called on the Bank of Ghana to maintain the current Monetary Policy Rate, warning that escalating tensions in the Middle East could trigger fresh economic volatility.
His comments come as the Monetary Policy Committee of the Bank of Ghana prepares to hold its 129th Regular Meeting from March 16 to March 18, 2026, to assess recent developments in the Ghanaian economy.
While macroeconomic indicators remain positive, including inflation easing to 3.3%, the former Director of the Institute of Statistical, Social and Economic Research (ISSER), Professor Peter Quartey, said the Bank of Ghana should keep the policy rate unchanged at 15.50 percent.
He was speaking to the media on the sidelines of a public lecture marking the 70th anniversary of Wesley Grammar School.
“I think they will be minded by what is happening in the Gulf. So they will be a bit cautious. It is too early for them to reduce or increase their rates. I think it is better they maintain their rates now and look at what happens in the immediate future,” he said.
With the United States-Israel-Iran conflict showing no signs of easing, global oil markets are experiencing renewed volatility.
Crude prices surged earlier amid disruptions to shipping activity around the Strait of Hormuz, a critical global oil transit route.
The geopolitical tensions are also raising concerns domestically, with analysts projecting increases in fuel prices during the second pricing window of March, which begins on March 16.
![A plume of smoke rises from oil storage facilities at the Port of Salalah in Raysut, Oman in this screengrab from video obtained from social media and released on March 11, 2026 [Social Media/Handout via Reuters]](https://www.citinewsroom.com/wp-content/uploads/2026/03/ookl-75x75.jpg)
