Bank of Ghana Governor Johnson Asiama stated on Monday that the central bank feels the actual work to sustain the early gains has just begun, instead of basking in the success of last year’s measures to restore macroeconomic stability and credibility in the Ghanaian economy.
During the first Monetary Policy Committee meeting for the year, Asiama stated that efforts to maintain stability will serve as the litmus test for monetary policy in 2026.
The key macroeconomic indicators for the West African country show the decline of inflation to 5.4 percent at the end of 2025 from 23.8 percent a year earlier, with reserves growing to 3.8 billion U.S. dollars, which is equivalent to 5.7 months of imports, from 8.9 billion and equivalent to four months of import cover a year earlier.
Also, the country’s current account balance is in a surplus of about 8.1 percent of GDP, up from 4.4 percent of GDP a year before.
“These outcomes confirm that recent policy choices are yielding results and that policy credibility has been restored. But this meeting is not about touting the successes but about analyzing the data to assess whether stability will be guaranteed going forward,” the governor stressed.
According to him, the core issues are not about whether conditions have improved; “they clearly have. It is about how we respond to that improvement and how we ensure that decisions taken today remain robust under scrutiny tomorrow.”