Ghana’s economy growing faster than expected – BoG Governor

The Governor of the Bank of Ghana Dr. Johnson Asiama says Ghana’s economy is stabilising faster than expected as key indicators show strong improvement across several sectors.

Speaking at the opening of the 129th Monetary Policy Committee (MPC) meeting, the Governor said the latest economic data points to stronger momentum in the real sector.

“The real economy is also showing stronger momentum since our last meeting.”

He revealed that the central bank’s Composite Index of Economic Activity (CIEA) has recorded strong growth at the start of the year.

“The composite index of economic activity grew by 8.4 percent year-on-year at the start of 2026.”

According to him, the growth has been supported by improving confidence among businesses and consumers, as well as a gradual recovery in credit to the private sector.

“This was supported by rising business and consumer confidence and a gradual recovery in credit.”

Dr. Asiama also pointed to improvements in the country’s fiscal performance as another sign of the economy’s stabilisation.

“Fiscal outcomes have also improved, with a primary surplus of 2.6 percent of GDP recorded at the end of 2025, reversing a deficit of 3.9 percent just one year earlier.”

He noted that the developments, together with improving inflation dynamics and stronger external buffers, reflect the impact of disciplined macroeconomic management.

“Taken together, these indicators point to an economy that is stabilising more quickly than many had expected.”

Despite the encouraging outlook, Dr. Asiama cautioned that policymakers must remain disciplined and avoid declaring victory prematurely.

“This committee was asked to exercise discipline in the face of improvement and to resist the temptation to declare victory prematurely.”

He explained that the committee must now make its policy decisions at a time when domestic economic conditions are improving but global uncertainties remain elevated.

“We must make our decision at the intersection of domestic success and external uncertainty.”

According to him, the task ahead for policymakers is to ensure that the progress achieved through disciplined economic policies is sustained.

“Central banking is about managing crisis, but it is not only about managing crisis. It is equally about managing success and ensuring that progress achieved through disciplined policy is sustained.”

The Monetary Policy Committee is expected to conclude its deliberations later this week, with its decision on the policy rate expected on Wednesday.

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