Scheduled exit from IMF programme, others could influence capital flows, exchange rate dynamics – BoG Governor

 

The Governor of the Bank of Ghana, Dr. Johnson Asiamah, has expressed worry about the implications of the scheduled exit from the IMF programme later this year and the uncertainties in the global environment.

According to him, this could pose challenges to capital flows and exchange rate dynamics.

Responding to questions from the media, he pointed out that the Central Bank will monitor and maintain vigilance in that regard.

As the Bank continues with its policy vigilance during the easing cycle and reserve build-up, we expect to maintain the earlier gains. We note that the scheduled exit from the IMF programme later this year and the uncertainties in the global environment could influence capital flows and exchange rate dynamics”.

“Against the above backdrop, the Bank’s [BoG] policy strategy emphasises caution and vigilance”, he added.

Inflation declined sharply and sustainably from 23.8% in December 2024 to 5.4% in December 2025, reflecting tight monetary conditions, improved fiscal coordination under the IMF programme, easing food supply pressures, and well-anchored inflation expectations.

The Governor said with headline inflation now firmly below the lower bound of the medium-term target, real policy rates remain highly restrictive. According to him, this provides space for additional rate cuts while still maintaining a sufficiently tight policy stance to safeguard price stability.