The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has urged the Monetary Policy Committee (MPC) to carefully assess the durability of current monetary and fiscal policies and calibrate policy decisions to support economic growth while preserving credibility.
He said well-coordinated monetary and fiscal policies had helped create and sustain stability in the economy.
"Domestically, rapid disinflation has created policy space, but it also raises important questions and policy issues. At its core, this meeting is not about whether conditions have improved -- they clearly have. It is about how we respond to that improvement, and how we ensure that decisions taken today remain robust under scrutiny tomorrow," he said.
Dr Asiama made the remarks in his opening address at the 128th meeting of the MPC held in Accra on Monday.
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He said the policy choices before the Committee were not mechanical but required sound judgement, balance and a clear focus on the Bank's mandate of price stability, while supporting sustainable economic growth.
Dr Asiama wished members well in their deliberations and expressed confidence that their insights would guide prudent policy decisions.
Welcoming members to the 128th MPC meeting, the first for the year, the Governor noted that although economic indicators had shown significant improvement, the task of consolidating stability was far from complete.
He cautioned that the current environment would test the conduct of monetary policy in 2026.
Dr Asiama said that since the Committee's last meeting, macroeconomic conditions had continued to strengthen, with inflation declining to 5.4 per cent at the end of 2025, while inflation expectations remained well anchored.
External buffers, he said, had also improved, with gross international reserves rising to $13.8 billion, equivalent to 5.7 months of import cover, supported by a current account surplus of 8.1 per cent of GDP.
He said economic growth up to the third quarter of 2025 remained strong, with leading indicators pointing to further expansion and boosting confidence among consumers and businesses.
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According to Dr Asiama, these developments confirmed that recent policy measures were yielding results and that policy credibility had been restored.
On the global front, he said growth remained resilient, with projections of about 3.3 per cent into 2026, despite ongoing geopolitical uncertainties.
