Business News of 2026-10-16
Ghana's recovery creates stronger foundation for investment - BoG Governor tells investors
Bank of Ghana (BoG) Governor Dr Johnson Pandit Asiama has told international investors that Ghana’s economic recovery is gaining ground, citing falling inflation, lower borrowing costs, increased lending to businesses and improvements in the country’s fiscal and external positions.
He said the government and the central bank must now build on the progress made in stabilising the economy to support investment, create jobs and sustain long-term growth.
Dr Asiama gave the assurance at the Barclays Investor Roundtable on the sidelines of the IMF-World Bank Annual Meetings in Bangkok, Thailand, on Wednesday, October 14, 2026.
According to him, Ghana has made significant progress in restoring economic stability after a period of severe macroeconomic difficulties, but sustaining the gains will require continued policy discipline and stronger institutions.
“Ghana has made substantial progress in restoring macroeconomic stability. Our responsibility now is to make that progress durable by maintaining policy discipline, rebuilding buffers and creating the conditions for sustainable, private-sector-led growth,” he stated.
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Dr Asiama highlighted the decline in annual inflation from 23.8% at the end of 2024 to 5.2% in September 2026.
He noted that inflation had remained below the lower boundary of the Bank of Ghana’s 8% target, with a margin of two percentage points either way, since December 2025.
Additionally, Dr Asiama pointed out that lending to the private sector has also picked up, with credit growth reaching 36.4% at the end of August 2026, compared with 13.3% a year earlier. Total outstanding credit to the private sector stood at GH¢124.2 billion.
He said the priority was to ensure that the increase in credit translated into productive investments, business expansion and employment.
“Our priority is to ensure that this recovery in credit supports productive investment, business expansion and employment,” he emphasised.
Beyond sustaining monetary policy, Dr Asiama pointed to improvements in government finances, noting that Ghana recorded a primary budget surplus of 1.4% of gross domestic product (GDP) between January and July 2026, against a target of 0.2%.
The overall fiscal deficit was 0.2% of GDP, below the target of 1.9%.
Public debt also declined to 45.9% of GDP from 73.1% before the Domestic Debt Exchange Programme (DDEP), according to the figures presented by the Governor.
Ghana’s external position has also improved, with the current account moving from a deficit of 2.8% of GDP in 2021 to a surplus of 8.2% in 2025. The country recorded another surplus of 3.8% of GDP in the first half of 2026.
The current account measures the balance of a country’s transactions with the rest of the world, including trade in goods and services.
Dr Asiama said the Bank of Ghana remained committed to rebuilding the country’s international reserves under the Ghana Accelerated National Reserve Accumulation Programme (GANRAP).
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The programme targets reserves equivalent to 15 months of imports by the end of 2028, providing a buffer against external shocks and supporting confidence in the economy.
“Ghana’s recovery gives us a stronger foundation from which to pursue these priorities. We intend to use this period to strengthen our institutions, sustain policy credibility and support productive investment. That is how we will turn stabilisation into lasting economic opportunity,” he concluded.
Story by Mawuli Ahorlumegah, reporting from the 2026 IMF/World Bank Annual Meetings in Thailand, Bangkok
