Economy stronger than expected -Asiama
Dr. Johnson Pandit Asiama, Governor of the Bank of Ghana, said the economy is performing stronger than many experts had anticipated at the 129th Monetary Policy Committee (MPC) meeting in Accra yesterday. He indicated that the latest economic indicators present a clearer picture of the country's progress since the committee last met in January. He said, "In several important respects, the performance of the economy has been stronger than many had anticipated."
Headline inflation declined to 3.3% in February, marking the fourteenth consecutive monthly decline. Gross international reserves now stand at about US$14.5 billion, representing 5.8 months of import cover, compared with approximately US$13.8 billion at the time of the committee's January meeting. The Composite Index of Economic Activity grew by 8.4% year-on-year at the start of 2026, supported by stronger bank credit, industrial output, trade activity, and household consumption. Consumer and business confidence rose in February 2026, supported by easing inflation.
Dr. Asiama warned that the escalation of conflict in the Middle East has disrupted key energy and shipping corridors, increased volatility in global oil markets, and introduced new uncertainty into the trajectory of global inflation. He also drew the committee's attention to the recently announced Ghana Accelerated National Reserve Accumulation Programme (GANRAP), which aims to increase the country's international reserves to 15 months of import cover by 2028, from the current level of about 5.8 months.
Quick Summary
Bank of Ghana Governor-Dr. Johnson Pandit Asiama-addressed the 129th Monetary Policy Committee meeting in Accra. He spoke on the state of Ghana's economy and its surprising performance-but cautioned that this is not a time for complacency.
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