Ghana’s economic fundamentals have shown significant improvement, with inflation dropping considerably and foreign exchange reserves gaining strength, the central bank has announced.
Dr Johnson Pandit Asiama, Governor of the Bank of Ghana, disclosed at a media briefing in Accra on 26 January 2026 that inflation had fallen to 5.4% by the close of 2025, while inflation expectations remained stable.
He revealed that the country’s gross international reserves had climbed to US$13.8 billion, representing 5.7 months of import coverage, underpinned by a current account surplus of 8.1% of GDP.
The Governor indicated that economic expansion in the third quarter of 2025 was robust, with key economic indicators suggesting continued growth, which has enhanced confidence levels among both consumers and businesses.
“These outcomes confirm that recent policy choices are yielding results and that policy credibility has been restored,” he said.
Dr Asiama, however, warned against complacency, noting that the Monetary Policy Committee meeting was focused on evaluating the sustainability of economic stability rather than commemorating recent achievements.
He pointed out that although global economic growth remains steady, with forecasts of approximately 3.3% extending into 2026, geopolitical tensions continue to present challenges.
The Governor noted that Ghana has enjoyed favourable external circumstances, especially elevated gold prices, but cautioned that such advantageous conditions may not persist. “Domestically, rapid disinflation has created policy space, but has also raised important policy questions,” he stated.
Dr Asiama emphasized that although coordinated monetary and fiscal measures have underpinned recent progress, the central bank must evaluate the sustainability of these policies and adjust future actions to promote growth while maintaining stability.