The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says Ghana’s macroeconomic indicators have improved markedly, reflecting the impact of recent monetary and fiscal policy measures.
Opening the 128th Monetary Policy Committee (MPC) meeting in Accra on Monday, Dr. Johnson Asiama said inflation, external reserves and growth outcomes had all strengthened since the Committee’s last meeting, creating a more stable economic environment.
“These outcomes confirm that recent policy choices are yielding results and that policy credibility has been restored,” the Governor stated.
Dr. Johnson Asiama said inflation declined to 5.4 per cent at the end of 2025, with expectations remaining well anchored. He added that the rapid disinflation had been supported by coordinated monetary and fiscal policies.
He noted that Ghana’s external buffers had also strengthened, with gross international reserves rising to US$13.8 billion, equivalent to 5.7 months of import cover.
According to him, the reserve build-up was supported by a current account surplus of 8.1 per cent of Gross Domestic Product.
The Governor said economic growth remained strong up to the third quarter of 2025, while leading indicators pointed to continued expansion in the period ahead.
He said the growth performance was helping to boost confidence among consumers and businesses.
Despite the gains recorded, Dr. Johnson Asiama said the Committee was meeting at a time when caution was required to ensure that the improvements were sustained.
On the global economy, he said growth remained resilient, with projections of about 3.3 per cent into 2026, even as geopolitical uncertainty persisted.
He noted that while Ghana had benefited from favourable external conditions, particularly higher gold prices, such developments might not be permanent.
Domestically, the Governor said the rapid pace of disinflation had created policy space but also raised important questions for monetary policy.
He said the Committee would assess the durability of the gains achieved and determine how best to calibrate policy to support growth while preserving credibility.
The Governor of the Bank of Ghana outlined four key issues guiding deliberations at the meeting.
These include the pace and sequencing of any monetary policy adjustment; foreign exchange stability and expectations; the role of the Domestic Gold Purchase Programme in supporting external buffers and external scrutiny, particularly the upcoming International Monetary Fund (IMF) programme review, scheduled for April 2026.
He explained that the IMF review would be based on end-December 2025 data, making the MPC among the first bodies to rigorously assess indicators central to programme performance, including inflation, reserve accumulation and adherence to the zero central bank financing requirement.
According to the Governor, the Committee would examine the data presented at the meeting to ensure that decisions taken would remain robust under scrutiny and consistent with the Bank’s mandate.
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