Ghana’s inflation rate fell significantly to 3.2 percent in March 2026. This marks the fifteenth consecutive monthly drop from over 23 percent at the start of 2025. The Council of State has highly praised the Bank of Ghana (BoG) for its management of this economic turnaround.
The BoG’s Governor, Dr. Johnson Asiama, presented a detailed account of the Bank’s policies and their outcomes. Ghana’s cedi appreciated by about 41 percent over 2025. Gross international reserves reached a historic high of US$14.5 billion. This amount covers 5.8 months of imports, providing a strong buffer for the economy. The country's Gross Domestic Product (GDP) growth also reached 6.0 percent.
This economic progress fits into Ghana's broader strategy for financial stability. The country has been working to recover from past economic challenges. The Domestic Debt Exchange Programme (DDEP) was a key step in this process. However, it also impacted the BoG's income from government securities. The gold purchase programme, despite initial costs, has started yielding positive returns. These efforts are crucial for maintaining macroeconomic stability in Ghana.
The Council of State, led by Chairman Edward Doe Adjaho, noted the significant achievements. They commended the BoG's stewardship of the economy. The Council urged the central bank to conduct a sustained public education campaign. This campaign would inform a wider national audience about Ghana’s economic recovery. They emphasized explaining the drivers of falling inflation and cedi recovery in simple terms.
Moving forward, stakeholders will closely watch how these gains translate into improved living costs for households. The Governor stated that the global environment is becoming more uncertain. Oil prices are now above US$100 per barrel, presenting a new challenge. However, Ghana enters this period with stronger external buffers than ever before. The BoG’s priorities for 2026 include overseeing credit quality and improving banking sector governance. They will also focus on developing export finance and solidifying the stabilization gains achieved.
The BoG also addressed its own financial position. The 2025 accounts will show costs directly linked to achieving economic stabilization. The DDEP reduced income on government securities. Open market operations used to lower inflation came with interest costs. Governor Asiama affirmed that these factors do not weaken the Bank's operational ability. The Council members also discussed strengthening exchange rate management and digital finance regulation. They aim to ensure that macroeconomic improvements benefit all citizens directly.