Second Deputy Governor of the Bank of Ghana, Mrs. Matilda Asante-Asiedu, has declared that Ghana’s economy has achieved significant stability but warned that maintaining those gains will require continued fiscal discipline, institutional credibility, and responsible economic management.
Delivering the keynote address at The Money Summit 2026 in Accra, Mrs. Asante-Asiedu said Ghana has made remarkable economic progress over the past two years through difficult policy decisions and reforms aimed at restoring macroeconomic stability.
Inflation and Interest Rates Fall Sharply
According to the Deputy Governor, headline inflation has declined dramatically from 23.8 percent at the end of 2024 to about 3.4 percent by April 2026. Food inflation also dropped significantly, easing pressure on Ghanaian households.
She explained that the improved inflation outlook has enabled the Bank of Ghana to reduce the Monetary Policy Rate from 27 percent to 14 percent while Treasury bill rates and commercial lending rates have also fallen substantially, creating a more favorable environment for businesses seeking credit.
Foreign Reserves and Cedi Stability Improving
Mrs. Asante-Asiedu noted that Ghana’s Gross International Reserves have increased from approximately US$9 billion to over US$14 billion, supported largely by strong gold export receipts and prudent fiscal management.
She stressed that exchange rate management reforms and current account surpluses have strengthened the country’s external position, helping the cedi remain resilient despite global economic uncertainties.
Transition Beyond IMF Financing
The Deputy Governor revealed that Ghana is transitioning from the IMF Extended Credit Facility programme to a Policy Coordination Instrument arrangement, emphasizing that the new framework focuses on monitoring reforms rather than borrowing additional funds.
She described the transition as an important step toward strengthening institutional credibility and ensuring that economic discipline becomes permanent rather than dependent on external financial support.
Trust, Capital and Stability Must Work Together
Addressing the summit’s theme, “Building Trust, Capital, and Stability for Ghana’s Economic Future,” Mrs. Asante-Asiedu argued that trust remains the foundation of every financial system.
She explained that trust lowers investment risk, attracts long-term capital, reduces borrowing costs and ultimately supports sustainable economic growth, while stability ensures that confidence remains intact.
Bank of Ghana Outlines Key Priorities
The Bank of Ghana pledged to continue safeguarding price stability, strengthening foreign exchange reserves, maintaining orderly currency markets, reducing non-performing loans within the banking sector and mobilising domestic capital toward productive sectors such as agriculture and manufacturing.
The Deputy Governor also cautioned against speculation against the Ghana cedi, arguing that economic fundamentals increasingly support currency stability and responsible market behaviour.
Shared Responsibility for Ghana’s Future
Mrs. Asante-Asiedu concluded by urging financial institutions, businesses, investors and policymakers to collectively protect the gains achieved through recent reforms.
She stressed that sustaining stability is a national responsibility that extends beyond the Bank of Ghana, calling for continued collaboration to build a stronger and more resilient Ghanaian economy for future generations.
