The Governor of the Bank of Ghana, Johnson Pandit Asiama, has reaffirmed the central bank’s commitment to price stability, while pledging continued transparency and accountability to Parliament and the people of Ghana.
Dr Asiama made the commitment while appearing before the Parliamentary Committee on Economy and Development to brief lawmakers on monetary policy and macroeconomic developments during the first half of 2026.
He said the Policy Rate had been reduced from 18.0 per cent to 14.0 per cent in January and March. It was then maintained at 14.0 per cent in May, July and September, as the Bank sought to preserve stability in the face of higher global oil prices and domestic price pressures.
Real GDP growth reached 6.4 per cent in the first quarter of 2026, according to Dr Asiama. Inflation fell to 3.2 per cent in March before increasing to 5.3 per cent in June, although it stayed below the Bank’s target band of 6-10 per cent.
Borrowing conditions also showed improvement. The average lending rate declined from 27.0 per cent to 15.6 per cent, while credit to the private sector increased by 41.2 per cent.
Ghana’s external position strengthened during the period, with the country recording a trade surplus of US$8.81 billion and a current account surplus of US$5.1 billion. Foreign exchange reserves stood at US$12.94 billion, providing the equivalent of five months of import cover.
The banking sector also recorded growth. Total assets increased by 30.7 per cent to GH¢502.4 billion, while the sector’s Capital Adequacy Ratio was 20.4 per cent.
Non-performing loans fell from 23.1 per cent to 16.1 per cent, indicating a reduction in the proportion of bank loans classified as non-performing.
Dr Asiama also presented a number of reforms being pursued by the Bank of Ghana. They include a uniform Cash Reserve Ratio of 20 per cent and a transparent, rules-based framework for foreign exchange intervention.
Another measure is the Ghana Accelerated National Reserve Accumulation Programme, known as GANRAP. The programme has a target of raising Ghana’s reserves to the equivalent of 15 months of import cover by 2028.
