Ghana’s monetary and exchange rate policies for 2026 will focus on keeping inflation low, supporting the cedi, and fostering economic growth, Finance Minister Ato Forson told Parliament during the 2026 budget presentation.
Minister Forson highlighted that the sharp drop in inflation in 2025 allowed the Bank of Ghana to reduce its policy rate by 650 basis points to 21.5 percent, balancing confidence in Ghana’s disinflation progress with the need to maintain positive real rates to protect savings and sustain investor confidence.
He said the central bank will continue a cautious, data-driven approach, keeping inflation within the 8±2 percent target band while gradually expanding credit to the private sector. “Monetary easing will be cautious and conditional on continued stability, and the Bank stands ready to act swiftly should inflationary risks resurface,” he added.
The Minister also noted reforms to modernize BoG operations, making BoG bills the main tool for managing liquidity and aligning auction practices with global standards. This move improves how policy rate changes influence market lending rates.
On the external front, Ghana’s gross international reserves now cover nearly five months of imports, strengthened by strong exports and the activities of the Ghana Gold Board, providing resilience against global shocks.
Forson further emphasized that reforms in foreign exchange policy, adopted in October 2025, have unified the FX market, eliminated multiple currency practices, and moved repatriation of export proceeds to commercial banks, helping to stabilize the cedi and boost market confidence.
“These measures are keeping the cedi stable, market confidence high, and Ghana firmly on course for low inflation, steady growth, and lasting macroeconomic stability,” Forson said.
