The Council of State has commended the Bank of Ghana (BoG) for its management of the economy and called on the central bank to launch a sustained public education campaign, arguing that the story of Ghana’s economic recovery needs to reach far beyond policymakers and financial markets.
The call came at a briefing held on April 23 at the Sheraton Hotel in Accra, where BoG Governor Dr. Johnson Pandit Asiama presented a detailed account of the central bank’s policy record and its measurable outcomes to the 31-member constitutional advisory body. The session was chaired by Council Chairman and former Speaker of Parliament Edward Doe Adjaho.
Members responded with engaged and substantive contributions on a range of topics from exchange rate frameworks and digital finance regulation to the transmission of macroeconomic stability into household living costs. A dominant theme throughout was the need for direct public engagement in accessible, plain language.
Council members strongly encouraged the central bank to explain to Ghanaians across different demographics the drivers of disinflation, the mechanics of reserve accumulation, and the policy choices behind the cedi’s recovery and to create meaningful space for the public to ask questions and be heard.
The metrics Dr. Asiama laid before the Council were striking. Inflation, which stood above 23 percent at the start of 2025, has fallen to 3.2 percent as of March 2026, its fifteenth consecutive monthly decline. Gross international reserves have reached a historic high of $14.5 billion, providing 5.8 months of import cover. The cedi appreciated by approximately 41 percent over 2025, and gross domestic product (GDP) growth reached 6.0 percent for the year.
The Governor also addressed the Bank’s own financial position, explaining that the 2025 accounts will reflect the accounting cost of the stabilisation achieved. The Domestic Debt Exchange Programme (DDEP) reduced income earned on the Bank’s government securities portfolio. Open market operations deployed to curb inflation carried interest costs. The gold purchase programme, though structurally costly at its start, has since yielded marked returns and the initial cost has substantially reduced. On the currency side, the cedi’s appreciation produced valuation adjustments on foreign-currency assets. Dr. Asiama was explicit that none of these factors impairs the Bank’s operational capacity or its ability to fulfil its statutory mandate.
Council members welcomed the opportunity to engage on forward-looking priorities, including strengthening exchange rate management frameworks, advancing regulatory clarity for virtual assets and digital currencies, and ensuring that macroeconomic gains translate more visibly into the everyday lives of citizens.
On the outlook, the Governor told the Council that the global environment has become more uncertain, with crude oil prices above $100 per barrel representing a fresh headwind. He stressed, however, that Ghana is entering this period with stronger external buffers than at any point in recent history. His stated priorities for 2026 are credit quality oversight, banking sector governance, export finance development, and the consolidation of stabilisation gains.
