The Bank of Ghana has signaled cautious optimism over the country’s economic trajectory in the coming months.

Speaking at the 129th Monetary Policy Committee (MPC) meeting on Monday, March 16 2026, Governor Dr Johnson Pandit Asiama pointed to improved domestic performance while warning of potential risks from a volatile global environment.

“Headline inflation declined to 3.3 percent in February, marking the fourteenth consecutive monthly decline. We are now below the medium-term target band. These are numbers that, not long ago, would have been considered aspirational,” he said.

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Dr Asiama highlighted that Ghana’s external buffers had strengthened, with gross international reserves now standing at approximately US$14.5 billion, equivalent to 5.8 months of import cover, up from US$13.8 billion in January.

He noted that economic activity is also showing strong momentum, with the Composite Index of Economic Activity growing by 8.4 percent year-on-year at the start of 2026, supported by bank credit, industrial output, trade, and household consumption.

Despite these gains, the BoG Governor cautioned that the external environment had shifted significantly, citing the escalation of conflict in the Middle East.

“Sustained oil price increases raise the risk of imported inflation, which could necessitate policy tightening with implications for financial conditions,” he stressed.

Dr Asiama also drew attention to the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), aimed at raising reserves to 15 months of import cover by 2028.

“Strengthening external buffers is an important element of macroeconomic resilience. At the same time, initiatives of this scale raise questions regarding liquidity conditions, the Bank’s balance sheet, and the interaction between reserve accumulation and monetary policy operations,” he explained.

On domestic financial stability, he emphasised the soundness of the banking sector.

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“The banking sector remains sound, profitable, and well-capitalised, with asset quality improving meaningfully over the past year. This matters not only for financial stability, but also for the effectiveness of monetary policy,” Dr Asiama said.

The governor stressed that the MPC’s task was to balance domestic successes with external risks.

“The question before this Committee is not whether conditions have improved. They have, significantly and across the board. However, how do we respond to that improvement when the conditions that enabled it are under pressure?” he asked.

Dr Asiama urged MPC members to make decisions that would sustain progress and guide policy through uncertain times.

“Central banking is not only about managing crises. It is equally about managing success, ensuring that progress achieved through disciplined policy is sustained,” he stated.



MA