The Bank of Ghana (BoG) says recent improvements in inflation, the exchange rate and the banking sector reflect steady progress in stabilising the Ghanaian economy after a difficult period of macroeconomic stress.
The Governor of the central bank, Johnson Pandit Asiama, disclosed this while presenting the Bank’s 2025 Monetary Policy Report to the Parliamentary Committee on Economy and Development at Parliament House.
According to him, Ghana’s economy has made notable gains since 2025, following a period marked by sovereign debt restructuring, high inflation and sharp depreciation of the Ghanaian cedi.
Dr Asiama said inflation, which stood at 23.8 percent at the end of 2024, dropped significantly to 5.4 percent by December 2025 and further declined to 3.3 percent in February 2026, marking one of the lowest levels recorded in recent years.
He also noted that the cedi had strengthened considerably, supported by improved economic fundamentals and policy interventions aimed at stabilising the foreign exchange market.
To achieve these outcomes, the central bank maintained a tight monetary policy stance, implemented measures to control excess liquidity and strengthened Ghana’s external buffers.
The Governor added that the Monetary Policy Rate had been reduced by 900 basis points to 18 percent, helping to ease borrowing conditions for businesses and individuals.
He further indicated that Ghana’s gross international reserves had increased to about 13.8 billion US dollars, providing approximately 5.7 months of import cover and strengthening the country’s capacity to absorb external shocks.
Dr Asiama also reported improvements in the banking sector, noting that capital adequacy had risen to 17.5 percent while asset quality had improved.
Total banking sector assets increased from GH₵368 billion to GH₵447 billion, while deposits grew from GH₵276 billion to GH₵325 billion, signalling renewed confidence in the financial system.
“These indicators show that the banking system today is liquid, solvent and profitable, and increasingly positioned to support Ghana’s economic recovery,” he said.
Despite the gains, Dr Asiama cautioned that global uncertainties such as fluctuations in commodity prices and changes in international financial conditions could still pose risks.
He assured lawmakers that the Bank of Ghana would continue to pursue a prudent and data-driven monetary policy approach to sustain economic stability.
The Chairman of the Parliamentary Committee on Economy and Development and Member of Parliament for Amenfi West, Eric Afful, commended the central bank for its transparency and encouraged continued engagement with Parliament to address misinformation about the economy.
