Governor of the Bank of Ghana (BoG), Johnson Pandit Asiama, has struck a cautious but optimistic tone at the opening of the 128th Monetary Policy Committee (MPC) meeting, warning that while Ghana’s key macroeconomic indicators have improved, 2026 will be a decisive year for policy credibility and discipline.
Speaking at the start of the meeting on Monday, 26 January 2026, Governor Asiama said the recent gains in economic performance should not breed complacency, stressing that sustaining stability remains the real challenge.
“All the economic indicators look good, but the improved conditions remind us that the work has only begun and that more effort is needed to lock in stability,” he stated.
Latest figures presented to the Committee show that inflation has eased significantly to 5.4 per cent, a sharp turnaround from the high double-digit levels recorded in recent years. Ghana’s gross international reserves have also strengthened to US$13.8 billion, providing a stronger buffer against external shocks and supporting foreign exchange market stability.
The Governor noted that confidence is gradually returning to the economy, reflected in improved investor sentiment and a calmer currency market. However, he cautioned that these gains could easily be reversed if fiscal and monetary discipline are not maintained.
According to him, the MPC’s deliberations will be guided by the need to strike the right balance between supporting growth and safeguarding price stability. He said the Committee will carefully assess the pace of any policy adjustments, especially in light of evolving global economic conditions and domestic risks.
Key issues on the agenda include the stability of the foreign exchange market, the effectiveness of the Domestic Gold Purchase Programme, and the integrity of economic data ahead of Ghana’s next review under the International Monetary Fund (IMF) programme.
Governor Asiama emphasised that the Domestic Gold Purchase Programme, which allows the central bank to acquire gold from local producers to boost reserves, remains a strategic tool but must be managed prudently to avoid unintended distortions.
He also highlighted the importance of credible and transparent data in shaping policy decisions, noting that confidence in official statistics is critical for both domestic stakeholders and international partners.
“The decisions we take at this meeting will send a strong signal about the direction of policy and our commitment to long-term stability,” the Governor said, adding that the credibility of the central bank will be tested by how consistently it adheres to its mandate.
As the MPC meets over the coming days, market watchers will be keenly awaiting signals on whether the BoG will maintain a tight policy stance or begin easing conditions to stimulate economic activity.
Author: Edem Latsu Nukafu
Edem Latsu Nukafu, a passionate communications professional dedicated to public relations, journalism, media strategy, and content development. He holds both a Diploma and Bachelor of Arts Degree in Communication Studies (Public Relations) from the University of Media, Arts and Communication – UniMAC-IJ. A member of Ghana Journalists Association (GJA).
