Critics who believe Ghana’s changing economic indicators are mere accidents and flukes should rethink, as the Governor of the Bank of Ghana (BoG), Dr. Johnson Asiamah, says they are a result of deliberate policy choices.
The BoG Governor says the improving macroeconomic indicators, which are gradually translating into the lives of citizens, are not by chance.
Dr. Asiama made these remarks at the opening of the 128th meeting of the Monetary Policy Committee (MPC). The Governor said the economy has entered a phase where “the numbers look good,” but warned that these gains must not breed complacency. According to him, the current macroeconomic stability is earned, not accidental, and stems from difficult decisions taken over the past year.
The improvement, chalked as a result of deliberate policy choices, the governor added have resulted in the return to policy credibility, even as he cautioned that the hardest work still lies ahead.
Citing some numbers to justify his case, he noted that inflation, a key measure of economic pain felt by households, fell sharply to 5.4 percent at the end of 2025, a level that suggests price pressures are easing and expectations are becoming more stable. This translates into slower increases in food, transport, and utility costs, helping households plan with greater certainty.
On the external front, the country’s buffers have strengthened significantly. Gross international reserves rose to US$13.8 billion, providing 5.7 months of import cover. This improvement, supported by a current account surplus of 8.1 percent of GDP, means Ghana is better positioned to pay for essential imports and withstand external shocks, reducing pressure on the cedi.
He further added that economic growth has also remained solid. Output expansion up to the third quarter of 2025 was strong, and forward-looking indicators suggest momentum is continuing into 2026.
The Governor noted that this growth is already boosting confidence among consumers and businesses, a key ingredient for investment, hiring, and expansion.
Crucially, the Governor linked these outcomes directly to policy discipline and consistency, arguing that credibility, once lost, can only be rebuilt through results.
“These outcomes confirm that recent policy choices are yielding results and that policy credibility has been restored,” the governor added.
Despite touting the progress made so far, he was careful to strike a balanced tone. He stressed that the MPC’s task is not to celebrate success but to interrogate the data rigorously and determine whether current stability can be sustained. With 2026 shaping up to be a testing year for monetary policy, the Governor said decisions taken now will be critical to locking in gains and preventing a relapse.
“We are convening at a moment where on one hand all the economic indicators look good, but on the other these improved conditions remind us that the work has only begun and that more effort is needed to lock in stability. I must say that this will test our monetary policy in 2026,” he noted, adding that “But this meeting is not about touting the successes achieved but rather about analysing the data that will be presented to the committee to assess whether stability will be guaranteed going forward.”
As the first MPC meeting for 2026 opens today, the Governor of the Central Bank insists that Ghana’s improving economic picture is the product of tough policy decisions, not luck.
He further maintains that while credibility appears to be returning, maintaining it will require continued discipline, vigilance, and restraint.
