PBankers, policy experts and industry leaders have called for deliberate efforts to translate Ghana’s hard-earned macroeconomic stability into real economic growth, job creation and productivity improvements, cautioning that stability alone cannot shield the economy from global shocks.
The call was made at the Post-Monetary Policy Committee (MPC) Policy Seminar organised by the Chartered Institute of Bankers Ghana under the theme “Balancing Stability and Growth: Interest Rates Impact in Geopolitical Shocks,” held at the institute’s auditorium.
Vice President of the institute, Togbe Asiama Krakani V, welcomed participants and underscored the institute’s role in developing talent and leadership within the banking sector.
He noted that the seminar, now in its second edition, continues to serve as a platform for assessing how macroeconomic gains can be sustained and leveraged to drive long-term growth.
The event brought together stakeholders from the Bank of Ghana, Ministry of Finance, Association of Ghana Industries, Ghana Union of Traders’ Associations, as well as commercial banks, industry players and students.
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Presenting findings from a pre-MPC survey, Chief Executive Officer of the institute, Robert Dzato, said confidence in the economy remains strong within the banking sector.
He revealed that about 72 percent of respondents expressed high confidence in macroeconomic stability, while 89 percent expect lending activity to improve in the coming quarter.
The survey also indicated a general alignment between the central bank’s policy rate and lending rates. However, some segments particularly savings and loans institutions continue to grapple with high real interest rates and tight funding conditions.
“Our findings suggest that stability is gradually being transmitted into lending, but there is still room for further easing to support the real sector,” Mr Dzato said.
In remarks delivered on behalf of the Governor of the Bank of Ghana, Johnson Pandit Asiama, Director of Research Philip Abradu-Otoo said the central bank’s focus for 2026 is shifting from stabilisation towards achieving durable and inclusive growth.
He explained that the recent reduction of the policy rate to 14 percent from 15.5 percent is intended to lower borrowing costs, expand credit access for small and medium-sized enterprises (SMEs) and traders, and strengthen the effectiveness of monetary policy transmission.
Dr Abradu-Otoo highlighted improvements in key macroeconomic indicators, including inflation easing to 3.3 percent in February 2026, relative stability of the cedi and stronger international reserves, describing these gains as a critical foundation for inclusive growth.
During a panel discussion, Theo Acheampong emphasised the need to move beyond stabilisation towards growth that generates employment and enhances productivity.
He warned that Ghana remains vulnerable to external shocks and called for long-term structural transformation, particularly in agriculture and manufacturing.
Also contributing, Eric Defor, representing the Association of Ghana Industries, advocated targeted policy support, including the creation of a dedicated industrialisation fund.
He noted that commercial banks alone are unable to provide the long-term financing required by manufacturers.
Head of Emerging Affluent at Standard Chartered Bank, Harriet Osei-Mensah Owusu, stressed the importance of stricter underwriting standards and deeper client engagement.
She highlighted trust and ethical conduct as key to improving loan performance.
President of the Ghana Union of Traders’ Associations, Clement Boateng, clarified that declining inflation does not necessarily lead to lower prices but rather a slower pace of price increases.
He also raised concerns over the implementation of an artificial intelligence-based system at the ports for calculating duties and taxes, calling for broader stakeholder consultation.
Participants concluded that while macroeconomic stability is essential, it should be viewed as a starting point rather than an end goal.
They stressed the need for coordinated fiscal and monetary policies, structural reforms, enhanced industrial financing and private sector-led job creation to drive sustained and inclusive economic growth.
