The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, on Friday, November 6, 2026, appeared before Parliament’s Committee on Economy and Development to brief Parliament on monetary policy and macroeconomic developments in the first half of 2026.
Dr Asiama disclosed that the Monetary Policy Rate was reduced from 18% to 14% in January and March before being maintained at 14% in May, July and September to preserve stability amid rising global oil prices and domestic price pressures.
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On economic growth and inflation, he reported that real GDP grew by 6.4% in the first quarter of 2026. Inflation declined to 3.2% in March before rising to 5.3% in June, remaining within the Bank’s 6–10% target band.
The Governor also reported improvements in lending conditions, with the average lending rate declining from 27% to 15.6%, while private sector credit grew by 41.2%.
On the external sector, Ghana recorded a trade surplus of US$8.81 billion and a current account surplus of US$5.1 billion. International reserves stood at US$12.94 billion, equivalent to five months of import cover.
In the banking sector, total assets increased by 30.7% to GH¢502.4 billion. The Capital Adequacy Ratio stood at 20.4%, while non-performing loans declined from 23.1% to 16.1%.
Dr Asiama further outlined key reforms, including a uniform Cash Reserve Ratio of 20%, a transparent and rules-based foreign exchange intervention framework, and the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which targets 15 months of import cover by 2028.
He reaffirmed the Bank of Ghana’s commitment to price stability, transparency and accountability to Parliament and the Ghanaian people.
