The Governor of the Bank of Ghana has said that while the country’s macroeconomic indicators have shown significant improvement, sustaining stability will require continued policy discipline and careful judgment.
Opening the 128th Meeting of the Monetary Policy Committee (MPC) on Monday, the Governor noted that the meeting, the first of the year, comes at a critical moment for monetary policy.
“On one hand, all the economic indicators look good, but on the other, these improved conditions remind us that the work has only begun,” he said, adding that locking in stability would test monetary policy in 2026.
According to the Governor, inflation declined sharply to 5.4 percent by the end of 2025, with inflation expectations remaining well anchored. Ghana’s external position has also strengthened, supported by a current account surplus of 8.1 percent of GDP and gross international reserves of US$13.8 billion—equivalent to 5.7 months of import cover.
Economic growth remains strong, with data up to the third quarter of 2025 showing solid performance, while leading indicators point to further expansion. The improved outlook, the Governor said, has boosted confidence among both consumers and businesses.
The Governor emphasised that the MPC will be among the first institutions to scrutinise key end-December 2025 indicators that will underpin the IMF review, including inflation, reserve accumulation and adherence to zero central bank financing.
The Monetary Policy Committee is expected to announce its policy rate decision on Wednesday, January 28, 2026.
Story by Karen Antwi
