The Ghana Association of Banks (GAB) has called on policymakers, banks, and corporates to adopt targeted measures, including strategic hedging, to shield the economy from energy price swings and foreign exchange volatility.
In its 2026 Industry Outlook, GAB painted a picture of cautious optimism, noting that global headline inflation is expected to ease from 4.1% in 2025 to 3.8% in 2026, and further to 3.4% in 2027, offering some relief.
Yet, the association warned that imported inflation could still weigh heavily on domestic prices. “Imported inflation, particularly from fuel and industrial inputs, could pressure local prices, while global food price movements may affect domestic food inflation,” the report said, highlighting the persistent link between global markets and Ghanaian households.
Energy costs, especially oil and natural gas, are forecast to decline, but GAB noted that higher-cost producers, Chinese stockpiling, and OPEC+ decisions could prevent a full reprieve. “To mitigate these risks, Ghanaian policymakers, banks, and corporates should consider targeted measures, including strategic hedging, to manage exposure to energy and foreign exchange shocks, ensuring that monetary and fiscal policies remain responsive to global dynamics,” the Outlook added.
The report stressed that Ghana could benefit from falling global inflation and softer international interest rates, potentially reducing external financing costs, supporting portfolio flows, and easing pressure on the cedi.
Still, the association cautioned that trade disruptions, commodity swings, and currency movements could continue to challenge domestic price stability and foreign debt obligations.
GAB emphasized that the long-term outlook depends on fiscal discipline, prudent debt management, and structural reforms to reduce policy uncertainty and boost productivity, which will determine how effectively global economic tailwinds translate into sustained domestic growth.
