Dr Adrian Alter is the IMF Resident Representative to Ghana
The International Monetary Fund (IMF) has urged the Bank of Ghana (BoG) to maintain a firm monetary policy stance, despite recent reductions in interest rates.
The Fund emphasised the importance of anchoring inflation expectations within the single-digit range, highlighting the need for continued vigilance by the Central Bank.
Ghana has made notable progress in curbing inflation, which has fallen sharply from 24% in 2024 to 9.4% as of September 2025. Concurrently, the BoG has lowered its benchmark policy rate from a peak of 28% in March to 21.3%.
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Speaking on The Point of View on Channel One TV on November 3, 2025, IMF Resident Representative to Ghana, Dr Adrian Alter, commended the BoG’s efforts in managing inflation but stressed the need for ongoing policy discipline.
“The BoG has kept its monetary policy consistently tight and has effectively reduced inflationary pressures through prudent measures,” Dr Alter stated.
“While the decision to cut rates from 28% to the current 21.5% reflects progress, it’s important to also consider real interest rates,” he explained.
He further noted that maintaining a cautious monetary approach, alongside sustained fiscal discipline, will be critical to consolidating Ghana’s disinflation achievements and bolstering investor confidence in the economy.
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