The Bank of Ghana Governor Dr. Johnson Asiama has disclosed that Ghana’s current account surplus for the first quarter of this year exceeded the same period in 2025 by US$652 million.
According to him, these are signs that Ghana’s economy is still evolving and continues to undergo economic and structural changes.
He disclosed this at the opening of the Monetary Policy Committee Meeting today May 18, 2026, at the Bank Square.
According to him, the successful resumption of domestic treasury bond issuance earlier in 2026 signals a return of investor confidence.
Government has also successfully issued a 7-year bond instrument, and steps are being taken to lengthen the maturity profile of existing GoG instruments”, the Governor stated.
According to him, all these developments show that the domestic economy is evolving and continues to undergo economic and structural changes.
MPC Meeting and Risk to Decision
Speaking at the meeting, the Governor said there are number of risks in the outlook that are of concern.
First, he mentioned the protracted Middle East conflict and sustained energy price elevation, the convergence of domestic energy supply disruptions and external cost-push pressures risks. According to him, if not addressed, it could dislodge inflation expectations before they are firmly anchored.
He also noted that the current account and reserve vulnerability issues, fiscal risks, could impact revenue, adding, “these risks will be central to the discussions this week”.
Dr. Asiama also raised concerns about whether the current monetary policy transmission mechanism is sufficiently effective in influencing lending conditions and credit growth.
But if this is not getting the needed results, then maybe additional measures may be required to strengthen transmission”, he added
On the policy coordinating instrument requested by the government, Dr. Asiama noted that the PCI represents a considered and credible next step in Ghana's institutional engagement with the international financial architecture. “It preserves the signaling benefits of Fund engagement while asserting Ghana's reform ownership and reducing our financial dependence on IMF resources”.
The PCI will incorporate commitments relating to the Bank of Ghana’s monetary policy framework, improve on the transmission mechanism, enhance the liquidity forecasting framework”, he stated
Addressing the operational constraints related to the DGPP and the broader foreign exchange intermediation architecture will be part of the reform agenda in this future engagement.
The Governor also said the Foreign Exchange framework and Reserve Management Objective will continue to be assessed.
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