BoG will pursue measures to sustain current macroeconomic stability – Second Deputy Governor

The Bank of Ghana (BoG) is committed to sustaining the nation's current macroeconomic stability through persistent monetary measures and a strong policy stance. Second Deputy Governor Matilda Asante-Asiedu emphasized the need to preserve the stability achieved over the past two years, despite global risks like rising energy costs and geopolitical tensions. Speaking at the Money Summit in Accra, she highlighted that recent economic gains require discipline, vigilance, and coordinated action among stakeholders. The BoG will continue its firm yet responsive monetary policy to anchor inflation expectations and ensure price stability, which is crucial for reducing interest rates and enhancing credit access for Ghanaian businesses. To safeguard the Cedi and mitigate external shocks, the bank is bolstering reserves via the Ghana Gold Reserve Accumulation Programme (GOLDRAP), aiming for a higher import cover. Asante-Asiedu urged banks, importers, and traders to cease speculative foreign exchange behavior, asserting that Ghana's economic fundamentals do not support such currency bets. The central bank is also advancing banking sector reforms, including recapitalization and efforts to reduce non-performing loans, to bolster financial sector resilience. Additionally, the BoG is focused on mobilizing domestic capital through pension funds and remittances and improving credit access via alternative scoring systems. Ecobank Ghana's Head of Marketing and Brands, Regina Ofori, stressed the importance of coordinated efforts among banks, pension funds, insurance firms, and regulators for sustainable economic growth, noting that collaboration strengthens resilience and investment. BFT CEO Dr. Godwin Acquaye added that Ghana must transition from recovery to building a resilient financial ecosystem, with trust, capital, and stability as its core pillars.

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The Bank of Ghana (BoG) will continue to pursue measures and keep strong monetary stance to sustain the country’s current macroeconomic stability.