The Majority Caucus in Parliament has praised the Bank of Ghana (BoG) for increasing the country’s international reserves from $9.1 billion in 2024 to $14.5 billion as of February 2026.
According to the Caucus, the figure also marks an improvement from the $13.8 billion recorded at the end of 2025, describing it as a historic achievement.
“This is the highest reserves Ghana has ever recorded in history,” the Caucus stated.
Speaking to the media in Parliament, a member of the Finance Committee, Atta Issah, said the policy rate had been reduced significantly, falling from 27 per cent at the end of 2024 to 14 per cent by March 2026. He added that lending rates had declined in response.
“The average lending rates have followed it down from 30.2 per cent to 17.7 per cent. That means cheaper loans for the small business owner trying to expand, the farmer buying inputs, the trader who borrows to stock her shop, and the young couple buying their first home,” he said.
The commendation follows the release of the central bank’s 2025 financial statements.
Mr Issah further indicated that Ghana’s public debt had declined from 62.5 per cent of Gross Domestic Product to 45 per cent as part of broader stabilisation measures implemented by the BoG and the Ministry of Finance. He added that the economy grew by six per cent in 2025, exceeding the projected four per cent growth rate.
He noted that both business and consumer confidence had improved significantly, attributing the gains to interventions by the central bank.
“These are benefits as a result of the cost done by the BoG,” he said, adding that despite global challenges such as conflicts, shifting trade tariffs and capital outflows from emerging markets, Ghana’s economy has remained resilient.
Mr Issah, however, acknowledged that the stabilisation efforts came at a cost to the central bank. He explained that the BoG recorded a net loss of GH₵15.6 billion in 2025, compared to GH₵9.4 billion in 2024.
He added that other comprehensive income recorded a charge of GH₵19.32 billion, reflecting the effect of a stronger cedi on the value of foreign reserves.
The bank’s net equity position also worsened, moving from negative GH₵61.3 billion in 2024 to negative GH₵35 billion at the end of 2025, after previously recording a positive GH₵1.2 billion in 2021.
“This simply means that as at the time President Mahama assumed office, the total negative equity position of Bank of Ghana was GH₵61.3 billion, while in 2021 we had a positive net equity of GH₵1.2 billion,” he said.
On inflation, Mr Issah noted a sharp decline from 23.8 per cent at the end of 2024 to 5.4 per cent by December 2025, and further to 3.2 per cent by March 2026, marking the 15th consecutive month of decline.
“For the woman buying tomato at the market, that means the price of a basket of food is stable and not increasing drastically as it did a year ago. For the family paying school fees, electricity and hospital costs, the stability is real,” he said.
He attributed the drop to policy measures such as open market operations, which cost GH₵16.7 billion in 2025 to mop up excess liquidity.
Mr Issah added that inflation has fallen significantly from a peak of 54.1 per cent in 2022 to 3.2 per cent in March 2026.
He also noted that the policy rate, which influences the Ghana Reference Rate and interbank lending, declined from about 30 per cent to around 14 per cent, while lending rates dropped from 35.6 per cent in 2022 to 19.2 per cent by the end of 2025.
