Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has said Ghana’s economy continues to perform strongly, recording 6.4% growth in the first quarter of 2026 while inflation remains below the central bank’s target range.
Addressing bankers, traders, manufacturers, and representatives of AGI, GUTA, GNCCI and community banks, the Governor said the Monetary Policy Committee last month decided to maintain the policy rate at 14.0%.
According to him, the decision balances the need to keep inflation under control while supporting businesses, investment and economic growth.
On inflation, Dr. Asiama noted that although it rose slightly from 3.7% in May to 5.3% in June, it is still below BoG’s target. He attributed the uptick to higher transport costs following rising global crude oil prices, but described it as “temporary.”
“The economy is growing. In the first three months of this year, the economy grew by 6.4 percent, compared with 6.2 percent during the same period last year,” he said. “This growth was driven mainly by the services and industrial sectors.”
Banking and External Sector
The Governor said the banking sector remains strong, well-capitalised, and stable, with deposits growing and loan quality improving.
Most significantly, credit to businesses and households grew by more than 41% in June 2026, compared to about 9% a year earlier.
On the external front, Dr. Asiama said exports of gold and cocoa have performed strongly, helping Ghana record a higher trade surplus in the first half of the year.
Ghana’s foreign exchange reserves stand at about US$12.9 billion, enough to cover five months of imports.
He added that although the cedi faced some pressure earlier in the year due to global developments, particularly the conflict in the Middle East, it has since recovered.
Commitment to Stability
Dr. Asiama said the BoG would continue to take decisions to protect the value of the cedi, keep inflation low, preserve financial stability and support sustainable growth.
“Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy,” he stated.
He stressed that macroeconomic stability is a partnership between policymakers, businesses, financial institutions, traders, farmers and households.
The engagement held on Tuesday, 5th August 2026 during a stakeholder engagement with the business community at the Eusbett Hotel in Sunyani form part of the Governor’s efforts to make the work of the Bank more open and transparent and to build stronger relationships with stakeholders.
