Ghana’s monetary and external outlook for 2026 points to renewed stability, improved reserves, and growth in private sector credit, Finance Minister Ato Forson announced during the 2026 budget presentation.
The Minister said the Bank of Ghana’s balance sheet is expected to expand moderately, driven by higher foreign assets from gold and forex purchases. Improved access to external financing under the IMF-supported programme will help rebuild reserves and strengthen macroeconomic stability.
Reserve money growth, he explained, will be anchored on stronger external inflows and tighter liquidity management, maintaining the downward trend in inflation while ensuring enough liquidity to support economic activity.
“Private sector credit is expected to grow in 2026 and improve steadily over the medium term. As government domestic financing needs ease, banks are expected to lower risk aversion, expand lending to productive sectors, and support small businesses,” Minister Forson said, emphasizing that this measured recovery in credit will drive private investment and job creation.
Inflation is projected to return to the medium-term target band of 8±2 percent by the end of 2026, supported by fiscal consolidation, exchange rate stability, tight monetary policy, and improved food supply from agricultural gains.
On the external front, Ghana’s balance of payments is expected to remain strong, with gross international reserves covering at least three months of imports, bolstered by export earnings, remittances, and foreign direct investment inflows. The Ghana Gold Board will continue to anchor reserves, with record small-scale gold exports contributing significantly.
The minister noted that the current account is projected to sustain a surplus, driven by robust gold exports and higher remittances. Cocoa earnings are expected to improve with higher output, while crude oil exports remain moderate due to lower production and subdued global prices.
“These dynamics point to a more stable cedi, lower inflation, and stronger investor confidence, conditions that will underpin growth and improve living standards for Ghanaians,” he added.
