Ghana’s Economy Stabilising Faster Than Expected
The Governor of the Bank of Ghana, Dr. Johnson Asiama, says Ghana’s economy is stabilising faster than anticipated, with key indicators showing significant improvement across several sectors.
Speaking at the opening of the 129th meeting of the central bank’s Monetary Policy Committee (MPC), Dr. Asiama noted that the latest economic data points to stronger momentum in the real sector.
“The real economy is also showing stronger momentum since our last meeting,” he said.
He revealed that the central bank’s Composite Index of Economic Activity (CIEA) recorded strong growth at the start of the year.
“The composite index of economic activity grew by 8.4 percent year-on-year at the start of 2026.”
According to him, the growth has been supported by rising business and consumer confidence, as well as a gradual recovery in credit to the private sector.
“This was supported by rising business and consumer confidence and a gradual recovery in credit.”
Dr. Asiama also highlighted improvements in Ghana’s fiscal performance as another indication of the economy’s stabilisation.
“Fiscal outcomes have also improved, with a primary surplus of 2.6 percent of GDP recorded at the end of 2025, reversing a deficit of 3.9 percent just one year earlier.”
He explained that these developments, together with improving inflation trends and stronger external buffers, reflect the impact of disciplined macroeconomic management.
“Taken together, these indicators point to an economy that is stabilising more quickly than many had expected.”
Despite the positive outlook, the BoG Governor cautioned policymakers against complacency and urged continued fiscal and monetary discipline.
“This committee was asked to exercise discipline in the face of improvement and to resist the temptation to declare victory prematurely.”
Dr. Asiama noted that the committee must take its policy decisions at a time when domestic economic conditions are improving, even as global uncertainties remain elevated.
“We must make our decision at the intersection of domestic success and external uncertainty.”
According to him, the key task for policymakers is to ensure that the progress achieved through disciplined economic policies is sustained.
“Central banking is about managing crisis, but it is not only about managing crisis. It is equally about managing success and ensuring that progress achieved through disciplined policy is sustained.”
The Monetary Policy Committee is expected to conclude its deliberations later this week, with its decision on the policy rate scheduled to be announced on Wednesday.
