Ghana’s banking sector and policymakers have delivered a unified message: the country’s hard-won macroeconomic stability must now be converted into real jobs, credit expansion, and industrial output, or risk remaining vulnerable to the global shocks that have repeatedly derailed past recoveries.
The warning came at the second edition of the Chartered Institute of Bankers Ghana (CIB Ghana) Post-Monetary Policy Committee (MPC) Policy Seminar, held in Accra under the theme “Balancing Stability and Growth: Interest Rates Impact in Geopolitical Shocks.”
Survey flags lending opportunity
CIB Ghana Chief Executive Officer Robert Dzato presented findings from a pre-MPC survey conducted across senior banking executives, including heads of treasury and credit risk officers. Respondents had broadly anticipated a reduction in the policy rate ahead of the Monetary Policy Committee decision on March 18, 2026, and expressed confidence in the work of the committee in terms of credibility and consistency.
The survey showed that about 72 percent of respondents expressed high confidence in economic stability, and 89 percent anticipated improved lending appetite over the next quarter. It also revealed broad alignment between the Bank of Ghana’s (BoG) policy rates and lending rates, although some segments, particularly savings and loans, face high real interest rates and restrictive funding conditions.
“Our findings indicate that stability is being effectively transmitted into lending, but there is scope for further easing to support the real sector,” Dzato said.
Rate cut and macroeconomic backdrop
The BoG recently reduced its benchmark interest rate by 150 basis points to 14 percent from 15.5 percent, citing sustained disinflation, improving domestic macroeconomic conditions, and elevated real interest rates. Headline inflation declined to 3.3 percent in February 2026 from 5.4 percent in December 2025, after peaking at 23.8 percent in December 2024.
Ghana’s trade surplus widened to US$3.7 billion in the first two months of 2026 from US$2.1 billion a year earlier, supported by higher gold export earnings, while gross international reserves increased to US$14.8 billion, equivalent to 5.8 months of import cover.
Delivering the keynote address on behalf of BoG Governor Dr Johnson Pandit Asiama, Director of Research Dr Philip Abradu-Otoo stressed that the central bank’s focus in 2026 had shifted from stabilisation to durable, inclusive growth, and that lower policy rates must translate into improved credit access for businesses of all sizes, including Small and Medium-sized Enterprises (SMEs).
Structural gaps remain
Dr Theo Acheampong, Technical Advisor to the Minister of Finance, said the challenge now is to translate stabilisation into broader economic growth that creates jobs and strengthens productivity. He noted structural weaknesses, particularly the economy’s vulnerability to recurring external shocks, which he described as the “new normal,” and stressed the need for long-term transformation in agriculture and manufacturing to reduce import dependence.
Industry representatives raised concerns about the pace of benefits reaching the real economy. Association of Ghana Industries (AGI) President Kofi Nsiah-Opoku acknowledged macroeconomic improvements but cautioned that benefits have yet to fully translate into increased demand and industrial growth, noting that consumer purchasing power remains weak despite easing production costs.
Ghana Union of Traders’ Associations (GUTA) President Clement Boateng clarified that declining inflation does not automatically reduce prices at the market level but only slows the rate of increase. He also raised concerns about an artificial intelligence-based system deployed at ports for calculating duties and taxes, calling for broader stakeholder engagement to review its application.
CIB Ghana’s CEO Robert Dzato said formal recommendations from the seminar, including proposals on industrial financing mechanisms, value chain development, and targeted skills export strategies, will be submitted to policymakers.
Participants concluded that coordinated fiscal and monetary policies, structural reforms, industrial financing vehicles, and private-sector-led employment are all critical to converting Ghana’s macroeconomic gains into sustained, inclusive growth.
