BoG has no separate financial stability committee to check system risks – IMF

An International Monetary Fund (IMF) technical report has revealed that the Bank of Ghana (BoG presently does not have a formal macroprudential policy strategy in place.

According to the report released in April 2026, the objectives of macroprudential policy do not appear well defined in institutional documents and publications, with limited coverage of macroprudential policy in the Financial Stability Report (FSR) or on BoG’s official website.

Macroprudential policy decisions are embedded within the monetary policy process, with some decisions taken by the Monetary Policy Committee (MPC).

The report also said there is no separate financial stability committee currently with a regular focus on systemic risks.

However, the financial policies to contain the impact of COVID-19 and the Domestic Debt Exchange Programme were announced by the Governor and the MPC.

It stated that the Monetary Policy Committee (MPC) focuses primarily on monetary policy settings and objectives, without explicit financial stability objectives.

“Staff from the FSD and the Research Department present reports on financial stability and macroprudential risk assessments at MPC’s bi-monthly meetings, but macroprudential decisions are taken only exceptionally”, it added.

Again, the report pointed out that macroprudential tools are not clearly defined in institutional documents, but stated that macroprudential tools could also be used for monetary policy purposes under exceptional circumstances.

As noted on BoG monetary policy framework website, the report alluded that the MPC may announce additional measures that “involve the utilisation of other monetary policy tools at the disposal of the Central Bank, such as moral suasion and macroprudential measures.”

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