BoG Governor, Dr Johnson Pandit Kwasi Asiama
The Governor of the Bank of Ghana, Dr Johnson Pandit Asiama, has stated that Ghana’s return to single-digit inflation for the first time in four years marks “a new chapter in the country’s economic recovery.”
For the ninth consecutive period this year, inflation dropped to 9.4 percent in September 2025, while GDP expanded by 6.3 percent in the second quarter, with non-oil growth at 7.8 percent. The cedi has also appreciated by 21 percent year-to-date, supported by a US$6.2 billion trade surplus and reserves of US$10.7 billion.
Speaking at a post-MPC engagement with bank CEOs on Tuesday, October 7, 2025, Dr Asiama noted that, on the back of this progress, the Monetary Policy Committee cut the policy rate by 350 basis points to 21.5 percent, its third reduction in 2025.
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The BoG Governor explained that the move reflected confidence that inflation would stay within the 8 ± 2 percent target band by year-end.
“The return to single-digit inflation is not the end of the story. Our responsibility now is to sustain discipline and ensure that stability translates into jobs, affordable credit, and real growth,” he said.
Dr Asiama praised the banking sector’s resilience, citing a rise in the Capital Adequacy Ratio to 17.7 percent and an improvement in NPLs to 20.8 percent, while urging vigilance as new prudential directives take effect.
He further announced that the Bank of Ghana will sell up to US$1.15 billion in foreign exchange through twice-weekly auctions this month to deepen the market and smooth volatility.
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The Governor called for closer collaboration with banks to sustain macroeconomic gains, encouraging them to support SMEs, export growth, and comply with local regulatory provisions.
MA