Ghana’s central bank will focus on consolidating recent economic and financial sector reforms in 2026 after a year of sharp disinflation and stabilisation efforts, Governor Johnson Pandit Asiamah said.
Speaking at the Bank of Ghana’s annual media engagement in Accra, Asiamah said 2025 had been a year of “restoration” for the economy, marked by tight monetary policy, strengthened supervision of the banking sector and reforms to the foreign exchange market.
Inflation fell to 5.4 percent in December 2025 from 23.8 percent a year earlier, reflecting sustained monetary tightening, improved liquidity management and clearer policy communication, he said.
“These outcomes reflected consistency in policy execution and a deliberate focus on restoring credibility to the monetary policy framework,” Asiamah said.
He said monetary policy in 2026 would remain measured and forward-looking, anchored on price stability and continuity rather than abrupt shifts, as the central bank seeks to embed recent gains and rebuild durable confidence.
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The Bank of Ghana tightened policy aggressively during the adjustment period as part of efforts to stabilise prices and restore macroeconomic order after years of fiscal and external pressures.
Asiamah said the central bank prioritised stability over speed, warning that “quick fixes are rarely durable” when rebuilding credibility. Policy decisions, he added, would continue to be data-driven and taken collectively through established institutional frameworks.
Progress was also reported in strengthening the banking system. The governor said regulatory reforms in 2025 focused on improved stress testing, stronger recovery planning and refinements to the risk-based supervisory framework, aimed at enhancing resilience and early risk detection.
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“In 2026, supervisory attention will shift further toward prevention rather than cure,” he said, with greater emphasis on governance standards, capital adequacy and liquidity planning.
The central bank also highlighted reforms in the foreign exchange market, where it introduced a rules-based auction framework, enhanced reporting requirements and stepped up enforcement to curb market abuse.
These measures improved price discovery, reduced distortions and helped restore confidence, Asiamah said.
Ghana’s external buffers strengthened during the year, supported in part by the central bank’s gold programmes. Gross international reserves rose to more than US$13.8 billion, equivalent to about 5.7 months of import cover.
Asiamah said the Domestic Gold Purchase Programme had helped moderate foreign exchange pressures and improve confidence in Ghana’s external position, though he acknowledged the programmes involved costs.
On the institutional front, Parliament passed amendments to the Bank of Ghana Act in 2025, strengthening central bank independence and tightening safeguards around central bank financing of government.
“These reforms represent an important step in aligning Ghana’s central banking framework with international best practice,” the governor said.
In payments and digital finance, the central bank reported progress in modernising infrastructure through the Ghana Interbank Payment and Settlement Systems (GHIPSS), expanding instant payment capabilities and improving interoperability.
The passage of the Virtual Asset Services Bill also laid the groundwork for regulating digital asset activities, Asiamah said, adding that oversight would be strengthened in 2026 to ensure consumer protection and system resilience.
Looking ahead, the governor said national strategic initiatives introduced during the adjustment period, including gold-related programmes, would transition toward more sustainable institutional and fiscal arrangements.
Across all policy areas, the focus in 2026 would be “quality over quantity”, with an emphasis on disciplined markets, strong institutions and policies that can be sustained over time.
Asiamah also underscored the role of the media in shaping expectations and confidence during periods of economic adjustment, calling for accuracy, balance and context in reporting, while committing the central bank to openness and engagement.
“Trust in a central bank is built not by promises, but by consistency, transparency and integrity over time,” he said.
