Economy Still Resilient – BoG
The Governor of the Bank of Ghana, Dr. Johnson Asiama, has stated that Ghana’s economy continues to demonstrate resilience despite mounting pressures from an increasingly difficult global environment.
He said the overall macroeconomic picture since the end of March 2026 reflects a domestically resilient economy that is currently navigating significant external shocks, particularly rising energy costs linked to geopolitical tensions.
Dr. Asiama made the remarks at the opening of the 130th Monetary Policy Committee (MPC) meeting, where policymakers are reviewing recent economic developments and assessing the appropriate policy response for the coming months.
According to him, the most immediate risk facing the economy stems from the energy price shock originating from ongoing conflicts in the Middle East, which has become a key determinant of the near-term inflation and growth outlook.
He explained that while Ghana has recorded notable macroeconomic gains in recent periods, the external environment has become less favourable, with implications for inflation dynamics and exchange rate stability.
The Governor further observed that several advanced and emerging economies are already experiencing a re-acceleration of headline inflation, forcing central banks that had previously begun easing monetary policy to either pause or reverse their policy stance.
He warned that for a commodity-exporting and energy-importing economy such as Ghana, the transmission of global shocks is both direct and indirect, affecting fuel prices, transport costs, import bills and ultimately domestic consumer price pressures.
Dr. Asiama noted that these factors collectively shape inflation expectations and influence the broader monetary policy outlook, making the current policy environment more complex.
He indicated that the Monetary Policy Committee will carefully assess these risks in determining the appropriate policy stance for the next review period.
The Governor is expected to announce the committee’s decision on the policy rate at the conclusion of the meeting, along with additional measures aimed at strengthening macroeconomic stability and anchoring inflation expectations.
He also suggested that the central bank will continue to monitor external developments closely, particularly energy market trends and global financial conditions, as part of its broader policy response framework.
The Bank of Ghana says maintaining stability will require a careful balance between supporting economic recovery and ensuring that inflation remains firmly under control amid ongoing global uncertainties.
