Although higher global oil prices have increased the nation’s import bill, Ghana continues to maintain strong foreign exchange reserves of about $12.9 billion, Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG) has said.
He said further: “Our external sector has also remained resilient”, saying that exports of gold and cocoa had performed strongly, helping the nation to record a higher trade surplus during the first half of the year.
“These reserves give us a strong buffer against external shocks and help the Bank of Ghana support stability in the foreign exchange market.”,
The Governor gave the explanation when speaking at a stakeholder’s engagement and dinner meeting in Sunyani.
The BoG organised the engagement aimed at building stronger relationships with stakeholders in ensuring that the central bank’s policies respond to the needs of businesses.
It was attended by entrepreneurs, businesses and traders as well as trade associations and other actors in the private sector.
Dr Asiama said that banks were lending more to the private sector, saying that credit to businesses and households grew by more than 41 percent in June this year, compared with about nine percent in 2025.
“This means more businesses have access to financing to expand, create jobs and contribute to economic growth”, he stated.
Dr Asiama indicated that the cedi experienced some pressure earlier this year because of global developments, particularly the conflict in the Middle East, stressing the BoG commitment to maintaining an orderly and well-functioning foreign exchange market.
Looking ahead, he said: “The progress we have made is encouraging, but we must not become complacent.”
Dr Asiama said the global economy remained uncertain, and events beyond “our borders can still affect us and that is why the BoG will continue to take decisions that protect the value of the cedi, keep inflation low, preserve financial stability and support sustainable economic growth..
“Our goal is simple: to create an economic environment where businesses can grow with confidence, households can plan for the future, and every Ghanaian can share in the benefits of a stable and growing economy, he added.
Dr Asiama said that macroeconomic stability was not the responsibility of the BoG alone but a partnership between policymakers, businesses, financial institutions, traders, farmers, and households.
“When we understand one another, when we collaborate, and when we trust the process, the path to stability becomes clearer and more achievable,” he indicated.
He said: “The Monetary Policy Committee of the BoG met to review developments in the economy, both here at home and around the world.
Dr Asiama said although there is still uncertainty in the global economy, especially because of the conflict in the Middle East and rising oil prices, Ghana’s economy had continued to perform well.
He said, “after carefully assessing our economic situation, the Committee decided to maintain the Monetary Policy Rate at 14.0 percent,” explaining that the central bank took that decision “because we believe it is the right balance”.
That, he said, would keep inflation under control while supporting businesses, investment and economic growth.
“At the same time, it gives us the flexibility to respond to changes in the global economy if necessary”.
On inflation, the BoG Governor said: “The issue that concerns every Ghanaian is the cost of living and the good news is that inflation remains low”.
He added that although inflation increased slightly from 3.7 percent in May to 5.3 percent in June, this year, it was still below the BoG’s target range.
The Governor justified that recent increase in inflation was mainly due to higher transport costs following the rise in world crude oil prices.
“Low and stable inflation is good for everyone and it helps families manage their household budgets, allows businesses to plan with greater confidence, and encourages investment”.
Dr Asiama said the economy continued to grow, saying that in the first three months of 2026, the economy grew by 6.4 percent, compared with 6.2 percent during the same period in 2025.
“This growth was driven mainly by the services and industrial sectors, and we are now seeing increased activity across many parts of the economy, including stronger bank lending to businesses, increased trade, higher industrial production and a recovery in tourism,” he added.
