Ghana’s improving macroeconomic outlook is beginning to restore confidence in the financial system, but bankers and industry leaders say the real test now lies in converting stability into jobs, productivity and sustained economic expansion.
That was the central message at a post-Monetary Policy Committee (MPC) seminar organised by the Chartered Institute of Bankers Ghana, where policymakers, financial institutions and private sector actors called for coordinated action to ensure recent gains translate into tangible outcomes for businesses and households.
Confidence returns, but constraints remain
A pre-MPC survey conducted by the Institute showed a notable rebound in sentiment across the banking sector, with about 72 percent of respondents expressing strong confidence in Ghana’s macroeconomic stability.
Additionally, 89 percent of banking executives expect lending appetite to improve in the near term, reflecting easing conditions and renewed optimism following recent policy adjustments.
Chief Executive Officer of CIB Ghana, Robert Dzato, said the findings suggest that monetary policy transmission is gaining traction.
“Stability is being reflected in lending activity, but there is still room for further easing to support the real sector,” he noted.
However, some segments, particularly savings and loans institutions continue to face high real interest rates and tight funding conditions, limiting broader credit expansion.
Policy shift toward growth
At the policy level, the Bank of Ghana is recalibrating its focus from stabilisation to inclusive growth.
In remarks delivered on behalf of Governor Johnson Pandit Asiama, the central bank highlighted recent macroeconomic improvements, including a sharp decline in inflation to 3.3 percent in February 2026, relative currency stability and strengthened reserves.
The recent policy rate cut to 14 percent—down from 15.5 percent—is expected to reduce borrowing costs and improve access to credit, particularly for small and medium-sized enterprises.
According to the Bank, the priority now is to ensure these gains translate into broader economic participation and long-term resilience.
Real sector demands targeted support
Despite improving conditions, industry players say structural challenges continue to limit the impact of monetary easing.
Technical Advisor to the Finance Minister, Theo Acheampong, stressed that stability alone is insufficient without deliberate efforts to boost productivity and reduce vulnerability to external shocks.
He called for stronger investment in agriculture and manufacturing to build resilience and reduce import dependence.
Similarly, the Association of Ghana Industries argued that commercial banks cannot shoulder the burden of long-term industrial financing alone.
Industry representatives are pushing for the establishment of a dedicated industrialisation fund to support large-scale production and export growth.
Credit conditions and market realities
From the banking perspective, institutions are becoming more cautious and selective in lending, with a stronger emphasis on risk management and client engagement.
Harriet Osei-Mensah Owusu of Standard Chartered Bank highlighted the importance of trust, ethical conduct and deeper customer relationships in sustaining loan performance.
Meanwhile, traders are grappling with a different reality.
President of the Ghana Union of Traders’ Associations, Clement Boateng, cautioned that declining inflation does not immediately translate into lower prices, but rather a slower pace of increases.
He also flagged concerns over a new AI-driven system at ports used to calculate duties, calling for broader stakeholder engagement to address operational challenges.
Stability is not the endpoint
Participants at the seminar reached a clear consensus: macroeconomic stability is only a foundation.
To translate gains into inclusive growth, Ghana will need:
- Stronger policy coordination between fiscal and monetary authorities
- Targeted financing mechanisms for industry
- Structural reforms to boost productivity
- Private sector-led job creation
For the financial sector, the message is equally clear restored stability offers an opportunity, but without deliberate action, the benefits may not fully reach the real economy.
As Ghana navigates a fragile global environment, the ability to convert stability into growth will define the next phase of its economic recovery.
