(KOBA FINANCES) – The Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, described the country’s recent economic progress as “encouraging but fragile” during the opening of the 128th Monetary Policy Committee (MPC) meeting. Figures presented by the Central Bank point to a clear improvement: inflation slowed significantly to 5.4%, while foreign exchange reserves rose to USD 13.8 billion. These positive indicators, coupled with signs of renewed investor and consumer confidence, suggest a more favorable economic outlook.

Gains tempered by caution

Despite the progress, Dr. Asiama urged caution, warning against complacency. The MPC’s latest six‑month forecast projects inflation broadly in line with the medium‑term target. However, risks remain, particularly from potential increases in public utility prices and volatility in global commodity markets. GDP growth in 2026 is expected to be supported by production capacity, while the recent slowdown in inflation has introduced moderate demand‑side pressures.

Strict monitoring to consolidate progress

According to the Governor, consolidating these macroeconomic gains requires rigorous management. The MPC emphasized the need for fiscal discipline, strong policy coordination, and targeted interventions to keep inflation under control, while maintaining vigilance against geopolitical risks. “Strict monitoring conditions remain in place to address inflationary dynamics,” Dr. Asiama stressed.

Strong external sector performance

Ghana’s external sector recorded solid results, with a provisional current account surplus of USD 9.1 billion. Gross international reserves reached USD 13.8 billion, providing coverage for 5.7 months of imports. The national currency, the cedi, appreciated by 40.7% against the US dollar in 2025, a sharp rebound after its depreciation in 2024. This appreciation was attributed to favorable global conditions, prudent monetary policy, and the accumulation of reserves.