Ghana records strong economic growth amid global uncertainty - BoG

The Governor of the Bank of Ghana, Dr Johnson Asiama, says Ghana's economy remains resilient despite growing uncertainty in the global economy.

Speaking at the opening of the 131st Monetary Policy Committee (MPC) meeting on July 20, 2026, he attributed the economy's resilience to stronger economic growth, rising private sector credit, and a stable exchange rate.

However, he noted that inflationary pressures and global risks remain under close watch.

Dr Asiama revealed that the economy expanded by 6.4% in the first quarter of the year, compared with 6.2% during the corresponding period last year.

He added that the GDP deflator slowed to 4.1%, reflecting continued progress in maintaining price stability.

According to the Governor, real private sector credit recorded a significant turnaround, growing by 34.1% after contracting by 4.5% a year earlier.

"Real private sector credit has accelerated to 34.1 percent against a 4.5 percent contraction a year ago. This largely reflects the easing in domestic credit conditions associated with the disinflation process," he said.

He explained that the rebound was largely driven by improving domestic credit conditions as inflation continues to ease.

Dr Asiama also noted that the cedi has remained broadly stable during the first half of July, while the banking sector remains sound and adequately capitalised.

Despite these gains, he warned that the banking sector still faces challenges, with non-performing loans remaining elevated and continuing to pose credit risks.

He said the Monetary Policy Committee will carefully assess these domestic developments alongside external economic conditions before deciding on the country's next monetary policy direction at the conclusion of its meeting.

DR/MA