The Governor of the Central Bank, Dr. Johnson Asiama, has asserted that Ghana’s return to single-digit inflation marks a new chapter in the Country’s economic recovery, but it is not the end of the story.
According ting him, “our collective responsibility now is to sustain discipline, strengthen the financial system, and ensure that stability translates into jobs, affordable credit, and real growth for households and businesses” as he pledged that the Bank of Ghana will continue to work closely with all of them to achieve these goals, through open dialogue, consistent regulation, and shared purpose.
Dr. Asima, who was addressing Heads of Banks at the Post-MPC Engagement on October 7, 2025 on Macroeconomic and Policy Context, submitted that “the data are encouraging”, and inflation has continued its remarkable downward path, falling to 9.4 percent in September 2025, marking the ninth consecutive month of decline and the first return to single digits in four years.
He said, Food inflation dropped sharply to 11 percent, while non-food inflation eased to 8.2 percent. “These trends reflect the impact of consistent monetary policy, prudent liquidity management, and fiscal consolidation and our growth momentum is equally strong”.
He reiterated the fact that the economy has expanded by 6.3 percent in Q2 2025, with non-oil GDP growing by 7.8 percent, driven largely by services and agriculture, and the Composite Index of Economic Activity rose by 6.1 percent in July, signaling continued expansion in domestic demand and production.
The Governor, on the Banking Sector Resilience and Supervision, commended the banking industry for maintaining strong performance and resilience.
“The Capital Adequacy Ratio has risen to 17.7 percent, while NPLs have improved to 20.8 percent, though still elevated and requiring sustained vigilance. In this regard, the Bank of Ghana has introduced several new directives to strengthen prudential oversight and risk management, including the Bancassurance Directive, the Large Exposures Directive, and the Guidelines on Credit Concentration Risk Management.
We have also extended the transition period for the Outsourcing Directive to end December 2025, following consultations with the Ghana Association of Banks. I want to emphasize that this will be the final extension, and banks must ensure full compliance thereafter.
Looking ahead, the Bank will issue new exposure drafts on Liquidity Risk Management, Interest Rate Risk in the Banking Book, Stress Testing, and Recovery Planning. These are part of a broader framework to align Ghana’s banking supervision with international best practice”.
