The Bank of Ghana (BoG) has reassured businesses that Ghana’s economy remains on a stable path despite ongoing global uncertainties, while pledging stronger engagement with stakeholders to support economic growth and stability.
Speaking at a stakeholder engagement with business groups, financial institutions and other stakeholders in Sunyani, BoG Governor Dr Johnson Pandit Asiama said the central bank’s focus was to maintain an environment where businesses can grow, households can plan and the economy can continue to expand.
He said the Bank has prioritised openness and transparency by creating more opportunities to listen directly to businesses and understand the challenges they face.
“The Bank of Ghana makes decisions that affect businesses, banks, traders, farmers, manufacturers and every Ghanaian. It is therefore important that we hear directly from you about the challenges you face and share with you what we are doing to support a stable economy,” Dr Asiama said.
The Governor said Ghana’s economic performance over the past year has been encouraging, citing improvements in inflation, economic growth, banking sector stability and the country’s external position.
He said the Monetary Policy Committee’s decision to maintain the policy rate at 14% was aimed at striking a balance between keeping inflation under control and supporting businesses, investment and economic growth.
According to him, although inflation increased slightly from 3.7% in May to 5.3% in June 2026, the rise was mainly linked to higher transport costs following increases in global crude oil prices and was expected to be temporary.
“Low and stable inflation is good for everyone. It helps families manage their household budgets, allows businesses to plan with greater confidence, and encourages investment,” he said.
Dr Asiama also highlighted Ghana’s economic growth, noting that the economy expanded by 6.4% in the first three months of 2026, compared with 6.2% during the same period last year.
He said growth was driven mainly by the services and industrial sectors, alongside increased trade, higher industrial production, recovering tourism activity and stronger bank lending to businesses.
The Governor further said the banking sector remained strong and stable, with banks well-capitalised, deposits growing and loan quality improving.
He noted that credit to businesses and households increased by more than 41% in June 2026, compared with about 9% a year earlier, indicating improved access to financing for private sector activities.
On Ghana’s external position, Dr Asiama said strong exports of gold and cocoa had supported a higher trade surplus in the first half of the year, while the country maintained foreign exchange reserves of about US$12.9 billion, enough to cover five months of imports.
He added that although the cedi came under pressure earlier in the year due to global developments, particularly the conflict in the Middle East, it had since recovered, with the Bank remaining committed to maintaining an orderly foreign exchange market.
However, he cautioned that global uncertainties remained and said the Bank would continue to focus on protecting the value of the cedi, maintaining low inflation, preserving financial stability and supporting sustainable growth.
Dr Asiama said achieving macroeconomic stability required cooperation among policymakers, businesses, financial institutions, traders, farmers and households.
“Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy,” he said.
The stakeholder engagement brought together representatives from the Association of Ghana Industries (AGI), Ghana Union of Traders Association (GUTA), Ghana National Chamber of Commerce and Industry (GNCCI), bankers, forex bureaus, microfinance institutions and other business stakeholders in the Bono Region.
