BoG Governor warns 2026 will test Ghana's monetary policy discipline

Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said that despite strong improvements in Ghana’s macroeconomic indicators, 2026 will be a critical test of the country’s monetary policy,

According to him, stability must be carefully protected.

Opening the 128th Monetary Policy Committee (MPC) meeting in Accra on January 26, 2026, Dr Asiama noted that “all the economic indicators look good, but…the work has only begun.”

Dr Asiama said inflation dropped significantly to 5.4% by the end of 2025, and people expect prices to remain stable. This has given the central bank more freedom to adjust its policies when needed.

He also noted that Ghana’s foreign reserves have increased to US$13.8 billion, which is enough to pay for about six months of imports. This improvement is supported by a strong current account surplus, equal to 8.1% of the country’s GDP.

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"Economic growth through Q3 2025 remained strong, boosting confidence among consumers and businesses," he added.

Dr Asiama said these outcomes confirm restored policy credibility, but warned the MPC’s role is to ensure future stability, not celebrate past gains.

On the global front, he noted growth remains resilient at about 3.3% in 2026 despite geopolitical uncertainty but cautioned that gains, especially from higher gold prices, may be temporary.

Dr Asiama reiterated that while disinflation allows some policy flexibility, future decisions must carefully balance growth and credibility.

MA