The Bank of Ghana has expressed confidence that inflation will ease in the coming months, attributing this positive outlook to the ongoing implementation of stringent monetary policies.
Speaking at the Ghana Diaspora Investment Forum in Accra, First Deputy Governor Dr. Zakari Mumuni outlined the central bank’s expectations for the economy and the critical role of the diaspora in stabilizing Ghana’s financial environment.
“Headline inflation is on a downward trajectory and is expected to approach the end-of-year target of 12%, supported by our tight monetary stance,” Dr. Zakari stated. He also highlighted that improved macroeconomic fundamentals are creating a more favorable environment for investment and sustained economic growth.
A key pillar in the country’s foreign exchange reserves, remittances from Ghanaians abroad have gained increased attention. The Bank of Ghana is working to tighten foreign exchange regulations related to remittances to reduce costs, while also encouraging the diaspora to channel more funds through formal channels. Dr. Zakari emphasized that the central bank has put in place measures to enhance security and transparency, fostering greater confidence among the diaspora community.
Beyond macroeconomic stabilization, the Bank of Ghana is actively strengthening the domestic banking sector to better attract diaspora capital. This includes developing tailored financial products, leveraging digital financial services, and removing investment barriers. Dr. Zakari revealed that efforts to enhance payment systems and frameworks, underpinned by the Payment Systems and Services Act, 2019 (Act 987), are central to this strategy.
Innovation remains at the forefront of the Bank’s regulatory agenda. Dr. Zakari assured stakeholders that the central bank is advancing policies around emerging financial technologies, including digital assets and digital credit products. By balancing innovation with financial stability, the Bank of Ghana aims to expand investment opportunities and modernize Ghana’s financial landscape.
The forum highlighted the central bank’s comprehensive approach to fostering economic resilience, promoting diaspora engagement, and driving financial innovation as key components of Ghana’s development trajectory.
