… calls for wider public engagement
The Council of State has expressed strong commendation for the Bank of Ghana’s stewardship of the economy, following a wide-ranging briefing delivered by Governor, Dr. Johnson Asiama, and has urged the central bank to mount a sustained public education campaign to bring the story of Ghana’s economic recovery to a broader national audience.
The session, steered by the Council’s Chairman and former Speaker of Parliament Edward Doe Adjaho, drew engaged and substantive contributions from members of the 31-member constitutional advisory body across a range of forward-looking questions, from exchange rate frameworks and digital finance regulation to the transmission of macro stability into household living costs.
The Governor laid before the Council a detailed account of the Bank’s policy record and its measurable outcomes. Inflation, which entered 2025 above 23 percent, has declined to 3.2 percent as of March 2026, the fifteenth consecutive monthly fall. Gross international reserves stand at a historic high of US$14.5 billion, providing 5.8 months of import cover. Similarly, the cedi appreciated by approximately 41 percent over 2025, and Gross Domestic Product (GDP) growth reached 6.0 percent.
A dominant theme in the discussion that followed was direct public engagement. Council members strongly encouraged the central bank to communicate with Ghanaians across different demographics in plain, accessible terms, explaining the drivers of disinflation, the mechanics of reserve accumulation, and the policy choices that have underpinned the cedi’s recovery, and to create meaningful space for the public to ask questions and be heard.
Governor Asiama addressed the Bank’s own financial position, explaining that the 2025 accounts will reflect costs that are the direct accounting counterpart of the stabilisation achieved. The Domestic Debt Exchange Programme (DDEP) reduced the income earned on the Bank’s government securities portfolio.
Open market operations deployed to bring down inflation have come with interest cost. However, the gold purchase programme, which carried a structural cost at its commencement, has yielded marked returns and the initial cost has reduced. On the currency side, the cedi’s appreciation produced valuation adjustments on foreign-currency assets.
The Governor was explicit that none of these factors impairs the Bank’s operational capacity or its ability to fulfil its statutory mandate.
Beyond the Bank’s finances, Council members welcomed the opportunity to engage on forward-looking priorities, including strengthening exchange rate management frameworks, advancing regulatory clarity for virtual assets and digital currencies, and addressing the impact of import prices on household budgets, stating that a shared commitment is vital in ensuring that macroeconomic gains are increasingly felt in the everyday lives of citizens.
On the outlook, the Governor told the Council that the global environment has become more uncertain, with oil prices above US$100 per barrel representing a fresh headwind. He noted, however, that Ghana enters this period with stronger external buffers than at any point in recent history.
The Bank’s priorities for 2026 are credit quality oversight, banking sector governance, export finance development, and the consolidation of stabilisation gains, the Governor added.
The Council of State is a constitutional advisory body established under Article 89 of Ghana’s 1992 Constitution, comprising former heads of state, regional representatives, and other distinguished nationals. It advises the President on matters of national importance and serves as a formal consultative forum on significant policy questions
Post Views: 1
Discover more from The Business & Financial Times
Subscribe to get the latest posts sent to your email.
