The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has highlighted the high cost of maintaining macroeconomic stability despite improved economic indicators, raising concerns over the burden of monetary tightening on the central bank and its impact on credit and business growth.
According to him, Ghana’s economic recovery in 2025, marked by easing inflation and a stable currency, came at a high cost, as the central bank deployed substantial resources to manage liquidity and stabilise prices.
Speaking at the Governor’s Roundtable session at the Kwahu Business Forum 2026, he posited that central banking involves difficult trade-offs between inflation control and growth, which ultimately shape outcomes for businesses and the broader economy.
Reflecting on Ghana’s economic progress, Dr Asiama stated, “The Cedi is stable and under control.” He emphasised the complexity of policy decisions, noting, “The work we do is always about trade-offs… trying to strike the right balance.”
He explained that achieving stability required aggressive monetary interventions, adding, “Last year was good but expensive for the central bank. It took us a lot of money to mop up excess liquidity and bring inflation down to 5.4% by December 2025.”
On the outlook, he indicated that maintaining low inflation may require fewer resources going forward, stating, “If you look at where inflation was at the end of December 2024 and where it is now, it wouldn’t involve the same level of resources to keep it low and stable going forward.”
He further stressed the importance of a strong financial system to support private sector growth, noting, “When banks are strong, they can give more credit.”
The Governor’s Business Roundtable concluded the 2026 Kwahu Business Forum, which started on 3 April. The event brought together business owners, industrialists, investors, policymakers, and development partners to discuss policies stimulating business growth.
Attendees included Chief of Staff to the President of the Republic, Julius Debrah, Eastern Regional Minister, Rita Akosua Adjei Awatey, Economic Advisor to the President, Seth Terkper, and Legal Counsel to the President, Marietta Agyeiwaa Brew.
