Accra: The Council of State has expressed strong commendation for the Bank of Ghana's stewardship of the economy, following a wide-ranging briefing delivered by Governor, Dr. Johnson Pandit Asiama. The Council has urged the central bank to mount a sustained public education campaign to bring the story of Ghana's economic recovery to a broader national audience.
According to Ghana Web, the session, steered by the Council's Chairman and former Speaker of Parliament Edward Doe Adjaho, drew engaged and substantive contributions from members of the 31-member constitutional advisory body. The discussions covered a range of forward-looking questions, from exchange rate frameworks and digital finance regulation to the transmission of macro stability into household living costs.
The Governor presented a detailed account of the Bank's policy record and its measurable outcomes. Inflation, which entered 2025 above 23 percent, has declined to 3.2 percent as of March 2026, marking the fifteenth consecutive monthly fall. Gross international reserves are at a historic high of US$14.5 billion, providing 5.8 months of import cover. Additionally, the cedi appreciated by approximately 41 percent over 2025, and Gross Domestic Product (GDP) growth reached 6.0 percent.
A dominant theme in the discussion was direct public engagement. Council members strongly encouraged the central bank to communicate with Ghanaians across different demographics in plain, accessible terms. They emphasized explaining the drivers of disinflation, the mechanics of reserve accumulation, and the policy choices underpinning the cedi's recovery. Members urged the Bank to create meaningful space for public inquiry and discourse.
Governor Asiama addressed the Bank's financial position, explaining that the 2025 accounts will reflect costs that are the direct accounting counterpart of the stabilization achieved. The Domestic Debt Exchange Programme (DDEP) reduced the income earned on the Bank's government securities portfolio. Open market operations aimed at reducing inflation have incurred interest costs. However, the gold purchase programme, initially costly, has yielded significant returns, reducing the initial expenditure. On the currency side, the cedi's appreciation resulted in valuation adjustments on foreign-currency assets.
The Governor assured that these factors do not impair the Bank's operational capacity or its ability to fulfill its statutory mandate.
Beyond finances, Council members welcomed discussions on forward-looking priorities. These include strengthening exchange rate management frameworks, advancing regulatory clarity for virtual assets and digital currencies, and addressing the impact of import prices on household budgets. They emphasized that a shared commitment is vital to ensure macroeconomic gains are increasingly felt in the everyday lives of citizens.
On the outlook, the Governor highlighted the global environment's increasing uncertainty, with oil prices above US$100 per barrel posing a fresh challenge. He noted, however, that Ghana enters this period with stronger external buffers than at any point in recent history.
The Bank's priorities for 2026 include credit quality oversight, banking sector governance, export finance development, and the consolidation of stabilization gains, the Governor added.
The Council of State is a constitutional advisory body established under Article 89 of Ghana's 1992 Constitution, comprising former heads of state, regional representatives, and other distinguished nationals. It advises the President on matters of national importance and serves as a formal consultative forum on significant policy questions.