Accra: Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), has called for pragmatic monetary policy decisions that will translate recent gains in the economy into lasting stability, while supporting growth and preserving credibility. The call comes as the Monetary Policy Committee (MPC) begins its 128th meeting to review macroeconomic developments, assess the country's economic outlook, and reach a conclusion on the monetary policy rate on Wednesday, January 26.
According to Ghana News Agency, the three-day meeting, the first for 2026, would focus on evaluating inflation trends, exchange movements, overall stability of the financial sector, as well as international economic developments, including geopolitical uncertainty. Dr Asiama, speaking at the commencement of the meeting on Monday, noted that the gathering was not to hype the recent economic gains but to analyze data and take decisions to ensure that stability was guaranteed.
"So, at its core, this meeting is not about whether conditions have improved. The meeting is about how we respond to that improvement and how we ensure that decisions taken today remain robust under scrutiny tomorrow," he stated. "These are not mechanical choices. They require our judgment, balance, and a clear focus on our mandate going forward," the Central Bank Governor said, urging members of the Committee to provide insights to guide policy decisions.
He said the 128th monetary policy rate would be guided by four key considerations: the pace and sequencing of any policy adjustment, foreign exchange stability and expectations, domestic gold purchase program and stability, and external scrutiny and data integrity. Dr Asiama noted that at the time of the meeting, all economic indicators were looking good in the country, informing the Committee that their work has just begun.
"We need more effort going forward to be able to lock in the stability," he said. Highlighting macroeconomic developments last year, Mr Asiama said inflation declined to 5.4 percent by the end of 2025 and strengthened external buffers with gross international reserves increasing to over US$13.8 billion, providing 5.7 months of import cover.
He said the improved conditions were supported by a current account surplus of 8.1 percent of Gross Domestic Product (GDP), while economic growth remained strong through the third quarter of 2025, engendering confidence in consumers and businesses. On the global front, he said growth remained resilient with projections around 3.3 percent into 2026, despite the existence of persistent geopolitical uncertainty, while Ghana benefited from favorable external conditions, particularly, higher gold prices.
"These outcomes confirm that recent policy choices are indeed yielding results and that policy credibility had been restored, but we must remain mindful that these stair winds may not be permanent," Governor Asiama said. "Our task is to assess the durability of these policies, calibrate policies to support growth while preserving credibility," he noted, calling for disciplined policy implementation, credible communication, and a clear focus on the central bank's mandate.