The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, has cautioned that while Ghana’s macroeconomic indicators have shown marked improvement, sustaining stability in 2026 will require careful judgment and disciplined policy choices.
Delivering his opening remarks at the 128th Monetary Policy Committee (MPC) Meeting at Bank Square in Accra on Monday, Dr. Asiama said the economy had reached a “critical moment” where gains achieved must be consolidated rather than celebrated prematurely.
According to the Governor, inflation declined to 5.4 per cent at the end of 2025, with inflation expectations “well anchored,” reflecting improved confidence in monetary policy management. He added that Ghana’s gross international reserves rose to US$13.8 billion, equivalent to 5.7 months of import cover, supported by a current account surplus of 8.1 per cent of GDP.
Dr. Asiama noted that economic growth remained strong through the third quarter of 2025, with leading indicators pointing to further expansion, a development he said was boosting confidence among consumers and businesses alike.
Despite these positive trends, the Governor stressed that the MPC’s task was not to “tout successes,” but to rigorously assess whether the current stability could be sustained under future pressures, including global uncertainties.
He observed that global growth projections remained resilient at about 3.3 per cent into 2026, even as geopolitical risks persisted. While Ghana had benefited from favourable external conditions, particularly higher gold prices, he warned that such tailwinds “may not be permanent”.
Dr. Asiama explained that rapid disinflation had created policy space but also introduced new challenges, requiring careful calibration to support growth without undermining credibility. He emphasised the importance of continued coordination between monetary and fiscal authorities.
He outlined four key considerations guiding deliberations at the meeting. These include the pace and sequencing of any policy adjustment, the need to manage foreign exchange stability and expectations, the sustainability and balance-sheet implications of the Domestic Gold Purchase Programme, and the importance of data integrity ahead of the International Monetary Fund (IMF) review scheduled for April 2026.
On the cedi, the Governor said the currency had been “remarkably stable” throughout 2025, supported by improved confidence and a stronger external position, although expectations would now play a decisive role in maintaining that stability.
He added that the MPC’s work was ultimately about ensuring that decisions taken today would remain credible and defensible under future scrutiny, describing the policy choices ahead as “not mechanical” but requiring balance, judgment, and a clear focus on the Bank’s mandate.
