Dr. Johnson Asiama; Governor of the Bank of Ghana
Ghana’s international reserves rise to $14.5bn — BoG Governor
Ghana’s economic outlook has strengthened significantly in recent months, with inflation falling sharply and international reserves improving, but rising global uncertainties could complicate the country’s monetary policy path, Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has said.
Speaking at the opening of the 129th Monetary Policy Committee (MPC) meeting in Accra, the Governor noted that new economic data suggested the economy was stabilising faster than many had anticipated. However, he cautioned that emerging global risks required careful policy judgement to ensure the gains were sustained.
He said headline inflation had dropped to 3.3 per cent in February, marking the fourteenth consecutive monthly decline and bringing inflation below the Bank’s medium-term target band.
“These are numbers that, not long ago, would have been considered aspirational,” Dr Asiama said as he reflected on the recent improvements in macroeconomic indicators.
The Bank of Ghana governor also reported that the country’s external buffers had strengthened, with gross international reserves rising to about $14.5 billion, equivalent to 5.8 months of import cover. This represents an increase from the approximately $13.8 billion recorded at the time of the MPC’s previous meeting in January.
He added that economic activity was showing stronger momentum, with the Composite Index of Economic Activity growing by 8.4 per cent year-on-year at the beginning of 2026. The growth, he said, had been supported by stronger bank credit, improved industrial output, higher trade activity and increased household consumption.
According to him, both consumer and business confidence had improved in February as inflation continued to ease, indicating a gradual strengthening of economic sentiment.
Despite the encouraging domestic outlook, Dr Asiama warned that the global environment had become more volatile since the MPC’s last meeting in January. He pointed to the escalation of conflict in the Middle East, which he said had disrupted key shipping and energy routes, triggering greater volatility in global oil markets.
He explained that sustained increases in oil prices could raise the risk of imported inflation for Ghana, potentially forcing the central bank to tighten monetary policy and affecting domestic financial conditions.
Dr Asiama noted that while geopolitical uncertainty often pushes gold prices higher, which benefits Ghana’s trade balance, the broader impact of the external shock remained inflationary.
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