COUNCIL OF STATE ENGAGES BANK OF GHANA (BOG)
On April 23, 2026, the Council of State hosted a high-level consultative engagement with the Bank of Ghana to review the nation’s macroeconomic trajectory and policy performance under the current leadership. The Governor of the Bank of Ghana, Dr. Johnson Asiamah, accompanied by the First Deputy Governor, Dr. Zakaria Mumuni, met with Council members at the Four Points by Sheraton Hotel, Airport City in Accra. During the session, Governor Asiamah briefed the Council on the country’s fiscal stability, recent monetary policy outcomes, and the broader financial implications of the Bank’s strategic interventions. This engagement served as a vital platform for transparent dialogue regarding the current state of the Ghanaian economy and its future outlook.
The Governer stated that Ghana’s economy was now doing much better and has become more stable after experiencing a tough time in 2024. Prices for everyday items have been stabilized, inflation has also dropped from about 24% at the end of 2024 to just 3.2% by March 2026. This is great news because it means people can buy more with their money. The Ghana Cedi has also became much stronger by gaining over 40% in value. This has brought some level of confidence in the transaction of business within the country.
The Bank of Ghana helped achieve this by enforcing strict fical discipline and saving up a record $13.8 billion in foreign currency. Through these smart measures, the country’s economy grew by more than 6% in 2025. The banking sector has also been sanitized with banks now having more money in their reserves as loan repayment rates have greatly improved.
The Governer added that the future looked bright for the country’s economy despite global economic challenges such as high oil prices as the country has made significant savings to protect itself.
He added that the IMF support programme is nearing completion and that the country is ready to stand strong on its own as a result of the strong fiscal policy being implemented. In his concluding remarks, the Governor informed the Council that the Bank of Ghana is focusing on making interest rates fairer and using new technologies to make the economy perform even better. Ghana is moving from “fixing” its problems to “winning” on the world stage.”
The Council praised the Governor of the Bank of Ghana and his team for the quick and firm actions taken to stabilize the nation’s economy upon assumption of office.
Members of the Council noted the impressive economic recovery achieved within the short timeframe and urged the Bank to keep up the momentum in preserving a stable economic environment.
Additionally, the Council advised the Bank of Ghana to increase its efforts in public outreach and communication to ensure the citizenry better understand its work and to prevent the spread of false information.
