During an urgent gathering of the Bank of Ghana’s Monetary Policy Committee (MPC), the governor encouraged members to explore how best to aid the nation’s ongoing economic revival, while avoiding actions that might destabilize recent progress, according to comments shared with reporters on Friday.
Ghana, recovering from one of its worst economic downturns in recent memory, saw stronger-than-expected growth in early 2025 and experienced a drop in inflation to its lowest point since December 2021.
Thursday’s emergency session was called to assess the current economic indicators and shifts in the financial markets.
Ultimately, no immediate changes were made to the central bank’s policy interest rate. Governor Johnson Asiama later explained that the committee would reconvene for its standard meeting in roughly ten days.
“The key question is whether the current macroeconomic configuration permits a recalibration of the policy stance,” Asiama told the MPC at the beginning of Thursday’s session.
“With inflation expectations more firmly anchored, external buffers strengthened, and confidence returning, we must assess how to support the recovery without compromising the gains achieved,” he added.
Highlighting recent progress, the governor pointed to Ghana’s strong trade performance, which produced a $5.6 billion surplus in the first half of the year, alongside a broader current account surplus of $3.4 billion.
He further mentioned the Ghanaian cedi’s over 40% gain against the U.S. dollar since the start of the year, as well as improved reserve levels. However, he cautioned that the legacy of last year’s budget shortfall and global economic unpredictability continue to pose potential challenges.
Discover more from LN247
Subscribe to get the latest posts sent to your email.
