According to the March 2026 Monetary Policy Report by the Bank of Ghana, this outcome reflected a decline in contributions from Net Foreign Assets (NFA), while the contribution of Net Domestic Assets (NDA) remained moderate, consistent with low liquidity creation in the banking system.

This primarily resulted in a low money in circulation, affecting credit expansion and growth in the real sector of the economy.

According to the report, the contribution of NFA to overall liquidity growth declined markedly to 5.7% in February 2026, compared with 27.3% a year earlier.

“This moderation was driven primarily by valuation effects associated with the appreciation of the cedi in 2025, which reduced the domestic-currency value of foreign-denominated assets”, it stated.

The report also stated that the contribution of NDA to M2+ growth increased to 10.3% from 5.8% in February 2025. This development was largely underpinned by increases in Net Claims on Government (NCG) and Other Items (Net).

On the other hand, the contribution of NCG to NDA growth was 3.2% in February 2026, compared to a contribution of negative 0.4% a year earlier, reflecting in part an increased preference for government securities by the banks.

Other Items (Net) accounted for 18.5% of the growth in M2+ growth, compared with negative 5.2% in February 2025.

These upward pressures on NDA were, however, partially offset by a decline in the contribution of claims on the private sector (including public enterprises) during the review period.

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The rise reflects government’s plan to borrow to build buffers to meet its financial obligations.

According to the March 2026 Monetary Policy Report by the Bank of Ghana, the increase in domestic debt came largely from the short-term instruments.

Also, the external debt increased in foreign currency terms to reflect new loan disbursement.

However, in local currency terms, it decreased from GH¢416.8 billion in December 2024 to GH¢307.2 billion in December 2025.

The decline was mainly driven by strong performance of the Cedi and principal repayments of both Eurobonds and multilateral debt, resulting in a reduction in the external debt stock denominated in local currency by GH¢125.2 billion (9% of estimated GDP).

Meanwhile, the provisional debt stock of central government and guaranteed debt stood at GH¢640.99 billion (45.3% of GDP) at end-December 2025 from GH¢726.7 billion (61.8% of GDP) at end-December 2024.

Out of the total public debt, external debt was GH¢307.2 billion (21.7% of GDP) and domestic debt totalled GH¢333.8 billion (23.6% of GDP).

According to the Bank of Ghana, the sharp decline is reflected in both external and domestic debt-to-GDP ratios.

It added decline in the public debt was largely due to appreciation of the local currency, increased amortisation, and prudent borrowing practices, reduced borrowing cost and fiscal discipline resulting in the higher primary surplus.

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This was lower than the target of GH¢229,949.7 million (16.4% of GDP).

Over the review period, domestic revenue totalled GH¢223.059 billion (15.9% of GDP), below the target of GH¢227.275 billion (16.2% of GDP).

The revenue outcomes reflected underperformances for tax revenue, oil and gas receipts, as well as grants.

Tax revenue, comprising taxes on income & property, taxes on domestic goods and services, international trade taxes, and oil and gas related taxes, was GH¢183.987 billion (13.1% of GDP), lower than the target of GH¢189.964 billion (13.6% of GDP).

This represented a negative deviation of 3.1% over the target, signalling systemic revenue leakages.

Non-Tax Revenue

Non-Tax Revenue, totalled GH¢27.870 billion, above the target of GH¢26.548 billion by 5.0%.

Compared with the outturn for 2024, this translates into a year-on-year growth of 0.5%.

This performance was mainly due to lower than programmed Dividend/Interest & Profits from Oil (CAPI) as well as Yield from Capping Policy for the collection period.

Oil and gas receipts were GH¢8.711 billion lower than the target of GH¢16.514 billion by 47.3%. This tax type also recorded a year-on-year decline of 56.1%.

Other Revenue

Other revenue of GH¢10.335 billion was above its target of GH¢9.568 billion, therefore overperforming its target by 8.0%. This outturn is 109.7% above GH¢4.928 billion collected in the corresponding period of 2024.

Grants received for January-December 2025 totalled GH¢1.824 billion, a shortfall of 31.8% from the programmed target of GH¢2.674 billion for the review period. This outturn was also higher than GH¢1.715 billion received in the corresponding period of 2024, translating into a year-on-year growth of 6.3%.

Total Expenditure

Total expenditures and net lending for the review period, totalled GH¢233.778 billion. This was below the target of GH¢269.496 billion.

Compensation of Employees was GH¢78.970 billion, higher than the target of GH¢76.203 billion. This outturn was above its target by 3.65 and recorded a 17.5% year-on-year growth.

In terms of fiscal flexibility, compensation of employees constituted 35.4% of domestic revenue mobilised during the period under review.

Use of Goods and Services totalled GH¢6.089 billion, lower than the expected target of GH¢6.671 billion by 8.7%. This points to some restraint on the part of the government to control discretionary spending.

This expense was also lower than GH¢11.509 billion received in the corresponding period of 2024, reflecting a year-on-year decline of 47.1%.

Interest Payments

Total interest payments of GH¢49.891 billion was above the target of GH¢46.792 billion for the review period. This outturn is 6.6% above the GH¢46.792 billion recorded in the corresponding period of 2024.

The reduced interest payment was mainly on account of lower domestic interest payments as well as the appreciation of the local currency on the external side.

Nonetheless, the government described the fiscal performance for 2025 as marked by improved revenue buoyancy amid shortfalls in revenue outturns from targets.

It also stated that total government expenditure for 2025 reflected deliberate fiscal restraint and improved expenditure control.

It added that shortfalls in revenue performance was more than offset by a corresponding cut in government’s spending.

The fiscal deficit for the period under review was 1.0 percent of GDP, against the target of 2.8% of GDP. The primary balance recorded a surplus of 2.6% of GDP, against a primary surplus target of 1.5% of GDP.

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Some vendors in Ellembelle reject ¢0.20 coins for business transactions

A publication of questions from its March 2026 bi-monthly engagement with the media, the central bank said coins such as the one pesewa, five pesewas and 20 pesewas remain legal tender and must be accepted in all transactions.

It stressed that under the Currency Act, 1964 (Act 242), no individual or business is permitted to reject officially issued currency when settling payments.

The Bank’s response follows persistent reports that some traders, particularly in markets and the transport sector, are increasingly unwilling to accept smaller coins, often opting instead to round up prices or impose higher minimum charges.

According to the Bank, this practice distorts pricing and can gradually push up the cost of goods and services.

It explained that while the use of smaller denominations tends to decline over time due to inflation and reduced purchasing power, their rejection outright poses a risk to the broader economy.

The Bank noted that such behaviour could lead to systematic price rounding, which, over time, contributes to inflation and weakens transaction efficiency.

The central bank emphasised that ensuring the continued circulation of coins is not only a matter of supply, but also public acceptance and compliance with legal tender regulations.

It said traders, transport operators and market associations have a responsibility to honour all denominations in everyday transactions.

To address the situation, the Bank said it is intensifying public education campaigns to raise awareness about the legal status of coins and the economic consequences of rejecting them.

It added that it would deepen engagement with key stakeholders across the informal sector to encourage behavioural change.

The Bank also indicated that it is working closely with financial institutions to improve the distribution and recirculation of coins within the economy, ensuring that they remain accessible for daily transactions.

In addition, it has issued public warnings declaring the rejection of coins illegal and has stepped up communication on how the practice contributes to inflation through price rounding.

The central bank said the combined measures are aimed at maintaining efficient currency circulation, safeguarding price stability and ensuring that all forms of legal tender continue to serve their intended purpose in the economy.

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The Bank of Ghana (BoG) has introduced six strategic pillars forming the backbone of its revised Cyber and Information Security Directive (CISD 2026) to ensure a safer and more resilient digital financial sector.

At the launch, Dr Johnson Asiama said that the framework is not just regulatory guidance but a commitment to every individual or business who entrusts their financial data to the sector.

“A Safer and More Resilient Digital Financial Industry,” he said, “is the central pillar of our regulatory philosophy.”

The CISD 2026 focuses on robust governance, clear accountability and proactive defence, with key innovations designed to future-proof the financial ecosystem.

“However, this progress has also invited sophisticated and persistent information security risks. From ransomware attacks that can paralyse a bank for days, to systemic data breaches that can shatter public trust in an instant, the threats we face are no longer just isolated IT incidents; they are national security concerns.”

“The Bank of Ghana recognised this shift years ago. The first Directive, issued in 2018, laid the groundwork. But we must be honest: a framework designed for the challenges of 2018 cannot adequately solve the problems of 2026. The threat landscape has changed, and so must we. We have moved beyond simple compliance toward a posture of active and collective cyber resilience,” Dr Asiama said.

The directive is built around the following six key pillars designed to future-proof the financial sector against cyber threats:

AI and Machine Learning Governance – Ensuring transparency, fairness, and security as financial institutions increasingly adopt AI for fraud detection, credit scoring, and customer service.

Cloud Computing Security – Promoting the responsible and risk-based adoption of cloud technologies while maintaining data sovereignty for sensitive financial information.

Proportionality Framework – Tailoring cybersecurity requirements to the size and risk profile of institutions, preventing undue burden on smaller banks and fintechs.

Board-Level Accountability – Mandating at least one board member with verified cyber risk expertise, embedding security considerations at the highest strategic level.

Inclusive Oversight -Expanding coverage beyond universal banks to include micro-finance institutions, savings and loans companies, fintechs, and partner regulators, creating a unified defence across the sector.

Proactive Defence and Preparedness– Strengthening systems to anticipate, prevent, and respond to evolving cyber threats.

“Building and maintaining a world-class defence capability like the FICSOC requires significant investment in infrastructure, advanced technology, and, most importantly, highly skilled personnel. As the Sectoral CERT, the Bank of Ghana has borne the initial cost of this critical national infrastructure to get it off the ground,” the Governor added.

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According to the caucus, the contract—awarded by the Ghana Gold Board to the Deputy Chief of Staff, Stan Dogbe—is fraught with irregularities and breaches of established procurement processes.

Addressing journalists on Tuesday, March 24, the Member of Parliament for Odotobri, Anthony Mmieh, insisted that the matter must be thoroughly investigated to ensure accountability.

“We presented petitions to these three agencies or organisations to conduct an immediate investigation into the contract that has been awarded to Stan Dogbe by the Gold Board. We are of the view that there were several irregularities; the laws governing the awarding of contracts were not followed.

“It is even likely that this contract would cause financial loss to the government. And so our petition simply says that this entire contract should be investigated for us to know what actually went on. And if there were any irregularities, the law should take its course. We expect the law to take its course.

“If the procurement was not properly done, you know what should be done. You cannot permit sole sourcing. If that has been done, then the entire contract would have to be abrogated. So at the end of the day, if it is established that the company that won the contract did not have the required documentation, if due process was not followed, then we expect that the contract would be terminated and the proper thing done,” he said.

“All three petitions have been accepted. They’ve been received, duly acknowledged, and we have copies of the acknowledgement. So we expect that the three agencies would do their work as required by law and let us know what the outcome of their investigations is.

“This is something that is very, very serious. We expect that they will hit the ground running as early as tomorrow. We expect that investigations will begin, and we also expect that they will come to a close before the end of the 14th day.

“The reason why I’m saying so is that there’s so much information out there in the public already. So it is not going to be difficult investigating this matter,” he stated.

Speaking on Joy FM’s Super Morning Show, Prof. Bokpin noted that with headline inflation at just 3.3%, the Bank of Ghana’s policy rate of 14% is far out of step with market realities.

“You cannot have inflation as low as 3.3% and have your policy rate at 14%. It has lost its signalling power in the market,” he said bluntly.

Prof. Bokpin explained that while a rate cut is widely anticipated, the more pressing concern is how far behind the curve the central bank already is. He highlighted a paradox where the Government of Ghana is borrowing short-term from the market at rates lower than the Bank of Ghana’s own policy corridor.

“If the Central Bank believes that the economic turnaround evidenced by low inflation is systematic and predictable, their policy rate should have been in single digits by now,” he added.

Ghana’s headline inflation of 3.3% marks a dramatic decline from the hyperinflationary highs of over 50% during 2022 and 2023. The Bank of Ghana’s medium-term inflation target sits between 6% and 10%, meaning current inflation is already below the lower bound of the target range.

Prof. Bokpin further noted that the Bank of Ghana itself admitted in a recent Monetary Policy Committee press release that disinflation had progressed faster than anticipated, underscoring the misalignment between the policy rate and economic conditions.

The economist’s assessment comes in the wake of President Mahama’s comments that Ghana’s economy is resilient enough to withstand shocks from the ongoing Israel-US-Iran conflict.

Prof. Bokpin warned that without a policy rate recalibration, market participants could continue to face distortions in credit pricing, potentially slowing investment and economic activity.

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Speaking at a press conference on March 18, 2026, the BoG Governor, Dr. Johnson Asiama said the decision was made to support economic growth while keeping inflationary pressures in check. He added that the committee also considered the impact of the geopolitical tensions in the Middle East on Ghana’s economy.

“Rising geopolitical tensions in the Middle East have deepen uncertainty in the external sector. The bank’s latest forecast suggested that headline inflation would remain within the medium term target. Outside risks to the inflation outlook include the likely pass-through of higher crude oil prices and escalating geopolitical tensions”, he said.

He, however explained that the committee examined all the likelihood of Ghana’s economy, suffering from external factors and decided to cut the policy rate to 14 percent.

He stated that the assessment was undertaken with an eye on domestic issues and other macro indicators.

“The Monetary Policy Committee has considered the current economic conditions, including subdued credit growth and declining non-performing loans, and decided that a reduction in the policy rate is appropriate to stimulate lending and investment.”

He added, “Our goal remains to ensure a stable financial system while supporting households and businesses to access affordable credit. This cut is expected to ease borrowing costs and promote economic activity.”

The Governor also highlighted that the banking sector remains strong and well-capitalized, despite slower credit growth, noting that, “Total assets in the banking sector have increased, and the stock of non-performing loans has declined, reflecting resilience in the financial system.”

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Reacting in a Facebook post on Thursday, March 19, the Karaga MP expressed concern that the disposal of more than half of Ghana’s gold holdings—accumulated under the Domestic Gold Purchase Programme—may signal a shift from reserve strengthening to balance sheet repair.

According to the Ranking Member on Parliament’s Finance Committee, if the proceeds from the sale were used primarily to offset losses, it would raise questions about the sustainability of such an approach and the transparency of the central bank’s financial reporting.

“If these transactions were primarily undertaken to offset financial losses, then this represents a fundamental shift from reserve accumulation toward balance sheet repair,” he noted.

Dr Amin Adam also questioned claims that the move could be justified on the basis of portfolio diversification or alignment with International Monetary Fund frameworks, stressing that such explanations must be backed by tangible improvements in Ghana’s reserve position.

“Explanations framed as portfolio diversification must be assessed against outcomes. If the proceeds did not materially strengthen net international reserves, the macroeconomic rationale remains unclear,” he stated.

He concluded by urging the Bank of Ghana to provide clarity on how the transactions will be reflected in its 2025 accounts, particularly in relation to reported gains and losses, insisting that transparency is essential to maintaining public trust in the country’s financial institutions.

According to IC Research, it estimated real policy rate now stands at 12.2% with the latest disinflation and a nominal policy rate of 15.5%.

“While this signals vast scope for deeper cut, we believe the MPC will favour caution amidst the volatile geopolitical risk events, especially as energy prices surge and the US Dollar strengthens”.

“We thus expect the authorities to sustain the preference for double digit real policy rate with a rate-cut bias, pegging our anticipated cut in the policy rate at between 100 – 200bps [basis points], with a leaning towards 150bps cut to 14.0%”, it added.

The Monetary Policy Committee of the Bank of Ghana cut its policy rate to 15.5% in January 2026, from 18%.

This decision was aimed at stimulating economic growth and responding to declining inflation.

In taking the policy decision, the MPC acknowledged that macroeconomic conditions have improved significantly. This was supported by the tight monetary policy stance, fiscal consolidation, and significant build-up of reserves.

Inflation declined faster than anticipated, with expectations remaining well anchored, and growth strengthening.

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According to the January 2026 Monetary Policy Report by the Bank of Ghana, its share increased from 40.3% in December 2024 to 62.3% in December 2025.

Similarly, the share of long-term securities, however, declined from 59.3% in December 2024 to 37.2% in December 2025.

This was in line with the growth moderation recorded during the reference period.

The report also stressed that the share of equity investments remained negligible but increased marginally from 0.4% percent in December 2024 to 0.5% in December 2025.

Meanwhile, the share of deposits in banks’ liabilities and shareholders’ funds decreased to 72.8% in December 2025 from 75.1% in December 2024, reflecting the slowdown in deposit growth in 2025.

The increase in borrowings, however, translated into an increased share of 8.5% in December 2025 from 7.6% in December 2024.

The proportion of shareholders’ funds in banks’ total funding also improved to 13.1% in December 2025 from 10.8% a year earlier, while the share of other liabilities declined from 6.3% to 5.4% during the same comparative period.

The BoG Governor Dr. Johnson Pundit Asiama, said the sector has shown resilience despite earlier pressures linked to the Domestic Debt Exchange Programme.

Speaking before Parliament’s Finance and Development Committee, Dr. Asiama explained that reforms introduced by the central bank, together with prudent supervision, have helped stabilise the industry.

“The banking sector entered 2025, still adjusting to the effects of the Domestic Debt Exchange Programme. Capital buffers were under pressure; non-performing loans were elevated, and confidence required rebuilding,” he said.

According to him, sustained engagement with banks and recapitalisation measures have significantly strengthened the financial system.

“Through recapitalisation efforts and close supervisory engagement, the banking system has strengthened considerably. Capital adequacy improved to 17.5 percent, comfortably above the 13 percent regulatory minimum,” he added.

The governor noted that the sector is currently not only liquid but also profitable, placing banks in a better position to support economic activity and the country’s ongoing recovery efforts.

He highlighted that liquidity levels remain strong, with banks holding liquid assets equivalent to about 96 percent of total deposits.

“Liquidity remains strong, with liquid assets covering about 96 percent of deposits. Credit activity is also recovering,” Dr. Asiama stated.

Data presented by the central bank indicates that gross loans in the banking sector increased from GH¢95 billion to GH¢111 billion during the period under review.

Similarly, cumulative new loan disbursements rose from GH¢80.95 billion in October 2025 to GH¢104.17 billion by December of the same year.

The banking industry also recorded an improvement in loan performance. According to the governor, the ratio of non-performing loans dropped from 21.8 percent to 18.9 percent in 2025.

“The non-performing loan ratio declined from 21.8 percent to 18.9 percent, and banks now have a clear roadmap to reduce NPLs toward 10 percent by end-2026,” he explained.

Other indicators also showed growth within the sector. Total banking assets rose from GH¢368 billion to GH¢447 billion, while deposits increased by nearly 18 percent, climbing from GH¢276 billion to GH¢325 billion.

The central bank believes the strengthening of the sector will encourage increased lending to businesses and households, helping to stimulate economic activity, create jobs, and support livelihoods across the country.

The Bank of Ghana (BoG) and the Securities and Exchange Commission (SEC), in a joint directive issued on 20th February 2026, have given Virtual Asset Service Providers (VASPs) 48 hours to remove their branding from public spaces or face “severe sanctions.”

The move signals a hardening of the state’s stance against unregulated mass marketing in the fintech space, targeting the increasing advertisement of digital products that have recently dominated the skylines of Accra and other major cities.

The regulators clarified that no firm — regardless of its operational status — is permitted to undertake mass promotional campaigns without explicit authorisation. This includes companies operating within the regulatory sandbox, a framework designed to test innovations under supervisory oversight, which may have assumed broader flexibility.

“All VASPs, including those operating within the BoG and SEC sandbox, are hereby directed to refrain from mass marketing or public promotional campaigns on virtual assets, unless expressly authorised by the BoG and SEC,” the statement read.

The BoG and SEC expressed concern over the “increasing advertisement of virtual asset and stablecoin products, including the use of large billboards in Accra and other parts of the country by certain Virtual Asset Service Providers (VASPs).”

Central to the enforcement action is the Virtual Asset Service Providers Act, 2025 (Act 1154). Under the new law, virtual asset advocacy is classified as a regulated activity that requires formal registration with both the BoG and the SEC.

Although the Act provides a transition period for existing operators to seek licensing, the regulators stressed that the grace period does not extend to promotional activities. In effect, all public-facing marketing campaigns are suspended until the regulatory framework is fully operational.

“Furthermore, virtual asset advocacy is a regulated activity under the Virtual Asset Service Providers Act, 2025 (Act 1154), and requires registration with the BoG and SEC. Detailed rules on advocacy and advertisements will be issued in due course,” the regulators added.

The ultimatum leaves little room for negotiation. Operators who have invested heavily in outdoor and digital advertising are now required to dismantle their campaigns within 48 hours of the notice.

“This notice is to caution VASPs who have mounted billboards and other forms of public advertisement to take them down within 48 hours of the date of this notice. Failure to comply will result in severe sanctions against the offending service providers,” the regulators warned.

The crackdown is widely viewed as a precautionary step to shield consumers from exposure to high-risk or unauthorised products while the BoG and SEC finalise detailed rules to govern digital asset operations in Ghana.

The joint directive marks the latest phase in Ghana’s effort to regulate a rapidly evolving digital financial ecosystem, where stablecoins and cryptocurrencies have seen growing adoption. By curbing mass marketing, authorities aim to temper speculation and strengthen oversight as the regulatory regime takes shape.

According to the directive, the Single Currency Position limit for each currency shall range from 0% to -10% of Net Own Funds (NOF).

Daily changes in NOP, excluding contingent liabilities, shall be fully reconciled with the net foreign exchange trade for the reporting day, calculated as total FX purchases less total FX sales.

Again, all banks shall continue to submit the Daily Bank Returns (DBK). Similarly, reports for each working day shall be submitted no later than 10:00 a.m. on the following business day.

Authorised Dealer Banks shall restrict their Net Open Position (NOP) to the limits and conditions set out including the single currency position at the close of business on any day shall be either a squared (0%) or a short position not exceeding 10% of NOF for each currency.

Where a bank enters into transactions involving partial margins denominated in foreign currency, and such margins are in the same currency as the underlying Letter of Credit or contingent exposure, only the net exposure, being the difference between the face value of the Letter of Credit and the foreign currency margin, shall be included in the computation of the Net Open Position.

The Bank of Ghana concluded advising banks to ensure that reports are complete, accurate and submitted within the prescribed timelines.

“Any inaccurate, incomplete, delayed submissions and/or non-submission of reports shall attract sanctions as provided in Section 93 (3) and Section 41 (4) of Act 930 as well as any other applicable laws and regulations”.

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Speaking at the Africa Prosperity Dialogues 2026, she stressed that without secure, affordable, and reliable payment systems, efforts to deepen intra-African trade would fall short.

“Payments make trade possible. Without secure, affordable, and reliable means of transferring value, the promise of a truly integrated African market cannot be achieved,” she said.

According to Madam Asiedu, payment systems should be seen as strategic trade infrastructure, critical for monetary stability, financial integration, and long-term economic transformation across the continent.

Despite Africa’s enormous economic potential, she noted that cross-border payments within the continent remain expensive, slow, and fragmented.

“Transaction costs for intra-Africa payments exceed between 7 and 10 per cent, compared to about 3 per cent globally. Settlement times can also take days or even weeks,” she explained.

She said these challenges, while significant, also present major opportunities for innovation and reform.

The deputy governor highlighted that AfCFTA brings together a market of more than 1.5 billion people with a combined gross domestic product (GDP) of about $2.8 trillion. If fully implemented, she said, trade within Africa could double in the medium term.

However, she cautioned that such growth would only materialise if the continent’s payment systems are upgraded to match its trade ambitions.

Madam Asiedu also pointed to Africa’s leadership in digital finance, particularly in mobile money and financial inclusion.

“With more than half of the world’s mobile wallets on the continent, Africa has shown that technology can expand financial inclusion and transform livelihoods,” she said, citing Ghana as a leading example.

She added that while digital finance has made it easier for people to transact within their countries, more must be done to enable seamless payments across borders.

“Inclusion must not stop at national boundaries. It must extend beyond individual countries if Africa’s single market is to truly work,” she noted.

The Africa Prosperity Dialogues 2026, held in Accra, brought together policymakers, business leaders, financial institutions, and development partners to discuss practical ways of accelerating economic integration and trade under AfCFTA.

Ghana, which hosts the AfCFTA Secretariat, continues to play a central role in driving conversations around trade facilitation, digital payments, and regional integration.

Industry players at the forum agreed that improving payment infrastructure, harmonising regulations, and promoting interoperable digital platforms will be critical to unlocking the full benefits of intra-African trade.

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These are UMB and Prudential Bank Ghana.

According to the Governor of the Bank of Ghana, Dr. Johnson Asiamah, some commitments have been made to ensure that the two banks receive the necessary capital as soon as possible.

For UMB, he disclosed that the recapitalisation plans have been extended to end-March 2026. This is to enable other key shareholders such as SSNIT and SIC to make good the proposed capital injections.

He added that discussions are ongoing between the Bank of Ghana on one hand and SSNIT, SIC and the Ghana Amalgamated Trust on the other hand.

For Prudential Bank Limited, the Governor said the government intends to close the bank’s capital gap.

This is in line with the Overarching Restructuring Strategy and Plan developed by the Government, Bank of Ghana and Prudential Bank Limited.

Meanwhile, Dr. Asiamah says the Government of Ghana remains the majority shareholder of ADB.

It has a shareholding of 88.16% whilst the Bank of Ghana has 9.66% shares.

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Previously, the Minister for Finance, Dr Cassiel Ato Forson, had ruled out the use of taxpayer funds for the recapitalisation of the BoG, referencing a ¢53 billion recapitalisation Memorandum of Understanding signed under the former Ernest Addison-led administration.

He maintained that any capital restoration should be achieved through internal reforms and restructuring rather than direct budgetary injections.

However, speaking at the 128th Monetary Policy Committee (MPC) press briefing on Wednesday, January 28, 2026, Governor of the Bank of Ghana, Dr Johnson Asiama, said discussions with government on restoring the Bank’s financial health have been positive, stressing that recapitalisation remains critical to the Bank’s credibility and independence.

“I believe in the commitment of government to recapitalise the Central Bank following the hit it took to protect the economy amid the domestic debt restructuring programme. So far, discussions with government have been fruitful, and there is support to help repair the Bank’s balance sheet”, Dr Asiama said.

He explained that rebuilding the BoG’s capital base is essential for the effective execution of its core mandate, including price stability, financial sector regulation and overall macroeconomic management.

“It is only fair that the wounds suffered as a result are addressed,” the Governor noted, adding that the recapitalisation effort would protect the Central Bank’s operational independence and reinforce confidence in monetary policy.

Beyond the Central Bank, Dr Asiama also provided an update on the recapitalisation of the commercial banking sector, pointing to notable improvements in resilience across the industry.

He disclosed that as of the end of December 2025, 21 out of the 23 licensed banks had met the required capital adequacy thresholds, with the remaining two institutions granted until the end of March 2026 to comply.

“We have two more banks that are yet to meet the requirement, but they have been given until the end of March 2026,” he said.

“Overall, we have made significant progress on the recapitalisation strategy, and we are monitoring closely to ensure full compliance.”

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It also wants it to be done before appointment of any director or key management personnel.

It disclosed this in questions and answers session on the new guidelines on the Fit and Proper persons for Accountable Institutions.

On what accountable institutions should do during the assessment, the Central Bank called for the conduct of a comprehensive due diligence.

It also advised the verification of all material information through an independent source.

The documents required for assessment are the application letter, updated CV, the personality note form, tax clearance certificate, certified financial statement of affairs, copies of academic and professional certificates, police report, enhanced due diligence questionnaire, regulatory references (minimum six years), bankruptcy or insolvency certificate (if applicable) and beneficial ownership disclosures (for corporate entities

The responsibilities of the Board are to appoint qualified directors and key management staff, conduct due diligence prior to all appointments, establish a robust Fit and Proper Policy, oversee assessments of outsourcing arrangements and ensure ongoing competence of Board members and key personnel.

On the other hand, the responsibilities of key management are to conduct fit and proper assessments for middle and lower management, submit findings to the Board and ensure annual assessments for heads of control functions (Risk, Compliance, AML/CFT, Internal Audit, etc.).

Should the person found not fit and proper, the Bank of Ghana would reject or revoke an appointment or Issue a prohibition order for up to 10 years of prevent the person from holding shares, directorships, or key function.

The group said the development raises serious questions about transparency and accountability in economic governance.

In its January 12 statement, CDM criticised what it described as conflicting narratives from government-aligned institutions, including GoldBod, which had previously insisted that the programme was profitable. Official data, the group said, now contradicts those claims and confirms substantial losses.

“Allegations of losses running into hundreds of millions of dollars remain unreconciled,” CDM noted, stressing that the lack of clarity has fuelled public suspicion and parliamentary concern.

The group argued that the absence of a clearly disclosed legal and operational framework for the programme represents a systemic failure. It also accused authorities of persistently evading parliamentary and public scrutiny despite repeated requests for documentation.

CDM is demanding “an independent, internationally credible forensic audit” covering physical gold volumes, pricing, foreign exchange flows, and net outcomes.

The group further called for the immediate public release of all contracts, memoranda of understanding, and valuation reports linked to the programme.

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The guidelines is issued pursuant to section 101(2)(j) of the Payment Systems and Services Act, 2019 (Act 987) and section 52(5)(e)(i) of the Anti-Money Laundering Act, 2020 (Act 1044).

The guidelines which take immediate effect shall apply to Banks, Specialised Deposit-Taking Institutions, Electronic Money Issuers and Payment Service Providers and any other institution licensed by the Bank of Ghana to undertake agency banking activities.

The objectives of this guideline are to assist principals to develop and implement effective risk-based AML/CFT/CPF compliance programmes; and ensure that the agent(s) understand and comply with AML/CFT/CPF laws and regulatory requirements.

The Guideline is structured under corporate governance, Known Your Customer, among others.

For corporate governance, the Board and Management of a principal shall be responsible for the AML/CFT/CPF enforcement and compliance of its agent(s).

The Board shall also approve the risk assessment of agency banking, as prepared by the Management of a Principal and document same. The assessment shall be updated through a periodic review within a two-year cycle or in the event of a significant occurrence.

For KYC, a principal shall ensure that its agent(s) always complies with KYC/CDD/EDD policies and procedures.

Together with their directors/management and employees, they are prohibited from disclosing that a report has been filed with the FIC.

This was captured in the Anti-Money Laundering and Combating of Terrorism Financing Guidelines for Forex Bureaus 2025.

The guidelines urged all foreign exchange bureaus to screen all customers. They are also not to transact business with sanctioned customers, designated by the United Nations Security Council, OFAC, European Union, His Majesty’s Treasury, Africa Union, ECOWAS or a Competent Authority or a Supervisory Body as well as business with domestically sanctioned customers.

Meanwhile, forex bureaus are required to adopt a risk-based approach in the identification and management of ML/TF/PF risks.

They shall ensure that AML/CFT/CPF policies governing their operations do not only prescribe money laundering and predicate offences but also prescribe sanctions for non-compliance with the relevant AML/CFT/CPF requirements.

The Bank of Ghana added that it is, therefore, in the best interest of the forex bureaus to entrench a culture of compliance that would be facilitated by these guidelines.

During a visit to the central bank’s headquarters in Accra, the Asantehene highlighted the significant impact of monetary policy on everyday life, describing the Bank of Ghana as an institution whose decisions determine “whether we have shelter over our heads, food on the table, and the ability to educate our children and care for our families.”

Addressing Governor Dr. Johnson Asiama, his deputies, and members of the Monetary Policy Committee, Otumfuo Osei Tutu II said, “The challenge I leave with your creative brains is to fashion how you move the economy from the crippling high interest regime to the level where it becomes a stimulant of business and wealth creation.”

While acknowledging recent gains in macroeconomic stability, including signs of currency steadiness, the Asantehene cautioned against complacency. He urged policymakers to focus more deliberately on lowering borrowing costs to stimulate domestic private investment and create jobs.

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The Association credited the central bank’s policies for the strong recovery of the cedi and improved trading conditions in 2025.

Speaking at a media engagement and New Year meeting in Accra on Saturday, January 3, IEAG Executive Secretary Samson Asaki Awingobit said claims about alleged losses by the Bank of Ghana and the Gold Board had overshadowed the central bank’s contribution to stabilising the economy.

He noted that while public debate is essential in a democracy, some negative reportage had failed to appreciate the technical nuances of monetary policy and its impact on economic recovery.

According to Mr. Awingobit, the cedi recorded a significant turnaround in 2025, strengthening by more than 40 per cent against the US dollar by mid-year. He said the appreciation eased import costs and reduced exchange-rate pressures on traders.

He explained that the currency’s performance reflected improved foreign exchange buffers and a rebound in export earnings, with gross international reserves rising to over 11 billion dollars by mid-2025, providing nearly five months of import cover.

From the perspective of importers and exporters, the IEAG stressed that the cedi’s appreciation resulted from disciplined monetary policy, improved market confidence, and increased activity in the foreign exchange market.

Mr. Awingobit also highlighted strong export performance, including trade surpluses and an estimated 60 per cent growth in export earnings in the first half of 2025, as key factors supporting currency stability and reducing the cost of doing business.

The Association commended the Bank of Ghana for its steady leadership during a challenging economic period, noting that observable outcomes reflect purposeful efforts to strengthen macroeconomic resilience and ensure trade continuity.

Looking ahead to 2026, the IEAG expressed optimism about Ghana’s economic outlook and called for continued prudent monetary policy, stronger collaboration between policymakers and the private sector, and balanced, informed media reporting on economic issues affecting currency stability and key state institutions.

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Ghana’s Gold-for-Reserves (G4R) and Domestic Gold Purchase Programme (DGPP) have been celebrated as innovative strategies to strengthen Ghana’s reserves, reduce reliance on foreign exchange borrowing, and curb illicit gold exports.

At the heart of these initiatives is the Ghana Gold Board (GoldBod), established in 2025 to support the accumulation of gold reserves by the Bank of Ghana (BoG)—particularly from the artisanal and small-scale mining (ASM) sector.

Through G4R and DGPP, the BoG achieved its 2028 international reserve coverage targets in 2025, three years ahead of schedule, signalling apparent operational success.

Yet this impressive achievement has come at a cost. Although GoldBod records profitability on its books, the Bank of Ghana has incurred significant financial losses—estimated at US$214 million in nine months—linked to the structure of GoldBod’s trading model. This raises the central question: Does GoldBod owe the BoG US$214 million, or has the BoG actually lost US$214 million?

Put simply, the Bank of Ghana has already recorded US$214 million in realised losses, while GoldBod also owes additional value for undelivered gold, according to GoldBod’s published December 2025 Trade Report. These realities coexist, creating a substantial financial sustainability challenge for Ghana’s central bank.

Operational Impact of GoldBod: Success Achieved at Structural Cost

GoldBod has undeniably delivered substantial operational gains. Its aggregation strategy enabled Ghana to rapidly build reserves, formalise gold-buying operations, license actors, channel financial flows through formal channels, and support currency stability. Gold now accounts for a significantly increased portion of Ghana’s reserves—an achievement unparalleled in recent history. GoldBod is profitable, primarily driven by service fees and operational charges associated with Bank of Ghana transactions. These include a 0.5% service fee, an assay charge of 0.258%, and price-setting authority, which at times includes seasonal bonuses designed to prevent smuggling or stimulate supply.

Industry stakeholders confirm that GoldBod offered price bonuses to its licensed aggregators ranging from GHs 50 per pound to GHs 200 for the supply of gold to GoldBod’s sole aggregator, Bawa-Rock Ltd. While the initial assumption was that the dip was driven by smuggling, the evidence suggests that seasonal factors played a significant role. This period coincided with Ghana’s minor rainy season, during which many Artisanal and Small-Scale Mining (ASM) operations reduce activity. As a result, gold output typically falls compared to the dry season.

However, this very structure that drives GoldBod’s profitability also shifts disproportionate financial risk directly onto the Bank of Ghana’s balance sheet.

Understanding the US$214 Million: Loss or Debt?

The much‑discussed US$214 million does not represent money GoldBod “owes” to BoG. Instead, it reflects losses already realised by the Bank of Ghana arising from pricing gaps, off‑taker charges, service fees, and market exposures incurred during gold trading. In other words, this money is gone; it is a sunk cost and a crystallised loss in the BoG’s financial statements.

Separately, GoldBod has underdelivered gold relative to BoG funding by over GH¢3.5 billion, according to the latest published trade report. This is not yet a realised loss, but it represents significant liquidity and delivery exposure. If gold prices fall before delivery, or if delivery fails altogether, BoG risks further losses. Thus, both realities coexist: the BoG has already incurred losses and remains exposed to additional risk.

Why BoG Is Absorbing Losses While GoldBod Profits

This paradox arises from structural flaws. GoldBod controls pricing (it sets prices it “desires” to buy gold) and has at times applied bonuses that increased BoG’s acquisition cost. GoldBod also charges an ad valorem tax of 0.5% in the form of service fees, despite being financed by the BoG. There are limited firm delivery timelines, and GoldBod effectively enjoys guaranteed margins while the central bank bears commodity price risk and operational exposure.

This creates a situation in which wealth is effectively transferred from the central bank to GoldBod, thereby undermining the BoG’s financial independence while strengthening GoldBod’s profitability.

Financial Sustainability Risks to BoG

GoldBod poses four principal risks to the Bank of Ghana:

a)Realised financial losses already incurred.
b)Liquidity risk arising from undelivered gold worth billions of cedis.
c)Commodity price exposure tied to the growing concentration of gold in reserves.
d)Governance and market distortion risks arising from BoG’s expanded operational role.

No central bank can sustainably absorb such risk without compromising its balance sheet resilience and policy independence. Should the Trade Continue? The answer is a BIG YES, but only under a radically restructured framework. GoldBod has proven valuable to Ghana’s reserve management strategy and macroeconomic stabilisation, but continuation must prioritise protecting the central bank from insolvency‑risk exposure.

Policy and Structural Solutions

One of the foremost priorities in addressing the financial risks associated with the Bank of Ghana’s involvement in gold trading should be to safeguard the central bank’s balance sheet. Under the 2025 national budget, the government explicitly allocated a cedi equivalent of US$279 million as a revolving fund for the Ghana Gold Board (GoldBod) to enable it to purchase and export gold from small-scale miners, thereby enhancing foreign exchange reserves and formalising the gold sector (Graphic). However, these budgeted funds have not been released, and the Bank of Ghana has, in practice, stepped in to pre-finance GoldBod’s operations, exposing it to significant financial losses and monetary financing concerns (MyJoyOnline).

To protect the BoG’s financial integrity and its ability to conduct monetary policy independently, losses arising from national strategic programmes, such as GoldBod, should be transparently recognised and charged to the national budget rather than absorbed by the central bank’s books. Releasing the budgeted US$279 million directly to GoldBod through the national budget would align financing with legislative intent, reduce the need for BoG balance-sheet support, and ensure that strategic gold purchases are financed in a manner that complies with IMF programme conditions and global central-banking best practices.

Secondly, GoldBod’s pricing model and fee structure must be rebalanced. Fees charged to the central bank should be reviewed, discretionary bonuses replaced with rational, transparent policy mechanisms, and the risk of monopoly pricing reduced. At most, a 0.5% charge by GoldBod, which will also include the Assay fees, will be preferable. The current total fees of 0.758% incurred by BoG on trading via GoldBod are pretty steep and unfair to the national kitty. Why is that fee too steep? Let me explain this further. The BoG is providing funds to GoldBod to purchase gold for Ghana. However, GoldBod sets the price of gold in the domestic market and, at times, adds an arbitrary bonus. It then aggregates the gold for the BoG. By aggregating alone, GoldBod charges a 0.5% service fee. Subsequently, GoldBod will charge the BoG an additional 0.258% to confirm the purity and weight of the gold it aggregated for the BoG.  That’s the layman’s way to explain what is happening currently.

Third, strict delivery discipline must be enforced. Pre‑financing caps should be imposed on the central bank when the need arises to finance GoldBod’s operations due to delays in releasing budgetary allocations. Delivery timelines must be enforced, penalties applied, and independent audits mandated. Performance guarantees must become standard in the BoG and GoldBod’s operations.

Fourth, to minimise risk, the BoG should consider engaging other Self-Finance Aggregators for the G4R and DGPP programmes. The GoldBod’s website currently lists 51 Self-Finance Aggregators (SFAs). GoldBod has been silent on the performance of these aggregators. Do we need to scrap the SFA licensing regime? Why is the regulator, GoldBod, the only entity aggregating Gold for BoG? The BoG can consider a 50% pre-finance for high-performing SFAs. They receive 100% payment upon delivery of the requested volume. This model could also incentivise local banks to participate in domestic gold purchase initiatives.

Finally, strategic clarity is needed. GoldBod must function as an aggregator and policy instrument, not as a profit‑maximising entity at the expense of the central bank. The BoG should gradually reduce direct exposure and restore normal market functions.

Conclusion

GoldBod represents one of Ghana’s most significant recent successes in reserve accumulation and macroeconomic stabilisation.

However, its current operating structure imposes heavy and unsustainable financial burdens on the Bank of Ghana.

The Bank has already incurred US$214 million in losses while remaining exposed to billions in additional delivery risk.

With the right reforms, Ghana does not need to choose between strategic gold accumulation and central bank financial stability. Both are achievable.

GoldBod can continue to power Ghana’s reserve engine—but only if policy restructuring ensures that success is not purchased at the expense of the very institution responsible for monetary stability.

“GoldBod functions like a high-performance engine that has successfully accelerated Ghana’s reserve vehicle to its destination years early; however, the engine is currently running at a high financial cost to the car’s battery (the BoG), requiring a shift to a more sustainable power source (the national budget) to avoid a long-term breakdown.”

By Gabriel Nomotsu Teye-Ali
Finance and Natural Resource Analyst
+233-240-268-668
teyeali@gmail.com

It also wants the easing of the base lending rate to remain gradual.

The Fund disclosed this in its Staff Review of Ghana’s Bailout Programme.

“With inflation pressures subsiding and the recent appreciation of the Cedi, the Bank of Ghana
(BoG) has appropriately begun a cautious monetary easing cycle. Any further easing should
remain gradual and data dependent”.

Since January 2025, the Bank of Ghana has cut the policy rate by 9.0 percentage points to 18.0%.

In collaboration with the Fund, BoG has developed and implemented a new structured foreign exchange operations framework to intermediate FX flows and smooth excessive market volatility, while accumulating international reserves.

The Fund said “The authorities have taken decisive steps to safeguard financial stability, including by implementing the strategy to restructure and reform state-owned banks, closing gaps in the crisis management and resolution framework, and pursuing a multi-pronged approach to reduce non-performing loans”.

The Bretton Woods institution further pointed out that the authorities have taken decisive steps to safeguard financial stability, including by implementing the strategy to restructure and reform state-owned banks, closing gaps in the crisis management and resolution framework, and pursuing a multi-pronged approach to reduce non-performing loans.

It added that important progress has been made to strengthen Ghana’s governance and public sector efficiency in line with the recently published Governance Diagnostic Assessment report, highlighting, that efforts to improve transparency and oversight need to continue, particularly related to public disclosure requirements and management of State-Owned Enterprises in the gold, cocoa, and energy sectors.

It stressed that ambitious structural reforms to help create an environment more conducive to private sector investment, and to enhance governance and transparency remain key to boosting the economy’s potential and underpinning sustainable job creation.

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According to a leading market and research firm, IC Securities, it expects the double-digit real policy rate to persist through the first half of 2026 as the government seeks to avert a potential second-round effect from the tariff hike.

In its analysis of the Bank of Ghana’s policy rate, it said a likely increase in the real policy rate above the 12.0% mark by the end of 2025 indicates the Monetray Policy Committee is likely to hit a pause in January 2026.

The Monetary Policy Committee of the Bank of Ghana voted by a majority decision to reduce the policy rate by 350 basis points to 18.0% at its final MPC meeting for 2025 in November.

“The magnitude of the rate cut was broadly in line with our expectation but came in 50 basis points lower than our maximum expected cut of 400 basis points. We view this deep, yet cautious, rate cut as a signal of the MPC’s continued preference for double digits real policy rate at every point in this phase of the rate cutting cycle which began in July 2025”, it said.

The cut effectively reduced the real policy rate from 13.5% (pre-MPC) to 10.0% (post-MPC), retaining the monetary stance in a very restrictive zone.

“We expect this double-digit real policy rate to persist through first-half of 2026 as the authorities will seek to avert a potential second-round effect from the tariff hike”, it added.

It concluded that the monetary stance will align with the 2026 budget statement, which note that “monetary easing will be cautious and conditional on continued stability, and the Bank stands ready to act swiftly should inflationary risks resurfaced”.

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According to the Central Bank, timely repayments and responsible application of loans are critical to maintaining financial stability.

“With increased access clearly comes greater responsibility and accountability, and borrowers must understand the agreements they sign, which is why this workshop is important. Honour the repayment obligations and apply the loans purposefully to strengthen their businesses,” Second Deputy Governor Matilda Asante-Asiedu said at a sensitisation programme on the Borrowers and Lenders Act for members of the Ghana National Chamber of Commerce and Industry.

She cautioned against misusing business loans for personal luxury, noting: “So the idea is not to take the loan and to buy the next beautiful car but it’s to take the loan and put it in the business because if you put that loan in the business, probability that the business will generate more and out of that you can then buy that beautiful car is very high.”

On his part, the President of the Ghana National Chamber of Commerce and Industry, Stephane Miezan, encouraged the Central Bank to enhance access to credit, especially for enterprises seeking capital at a time when interest rates are declining.

“The challenge is not the interest rate coming down. It is also access to finance, because if something is cheap and you cannot get it, then really it’s a zero-sum game,” he said. “So in as much as the Bank of Ghana is doing so well in putting in every effort to ensure that the cost of credit comes down, please put in every effort to make it accessible to those of us in industry and in business.”

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According to the Monetary Policy Committee (MPC) report, the Index continues to post strong gains. Industrial production, international trade activities, credit to the private sector, and consumption all contributed to the increase over the period.

The MPC noted that its latest confidence surveys, conducted in October 2025, reflected continued optimism regarding current and future economic conditions.

Additionally, Ghana’s Purchasing Managers’ Index improved due to new orders driven by the increased pace of economic activity.

“Taken together, these gains indicate that the negative output gap is closing,” the MPC stated.

The Central Bank concluded that if this momentum is maintained into December 2025, the Gross Domestic Product (GDP) growth outturn for the year will remain strong.

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According to the Central Bank, the rising cyber risks demand stronger oversight and more advanced protective systems to safeguard banks, payment service providers and millions of customers who rely on digital finance.

Speaking on behalf of Governor Dr. Johnson Asiama at the Visa–Bank of Ghana Cybersecurity Summit, Acting Head of Information Security, Daniel Klu, revealed that the Bank is rolling out a multi-layered strategy aimed at strengthening the sector’s resilience against increasingly sophisticated cyberattacks.

Mr. Klu explained that cybercriminals are adapting quickly to Ghana’s digital transformation, prompting regulators to deploy enhanced monitoring tools, tighter supervisory frameworks and targeted interventions to protect critical financial infrastructure.

“We are tracking emerging risks closely and rolling out targeted measures to bolster the security of the entire ecosystem,” he noted.

The summit brought together cybersecurity experts and industry leaders to examine fraud trends affecting digital payments and explore innovative solutions to counter them.

The Country Manager of Visa Ghana, Fabrice Konan, underscored the need for continuous vigilance, warning that trust in digital financial services depends heavily on the sector’s ability to stay ahead of cyber threats.

In a detailed presentation, Irene Auma, Visa’s Head of Risk for Sub-Saharan Africa, highlighted how artificial intelligence is transforming the fight against financial fraud.

She said AI-driven systems can detect unusual behaviour in real time, map emerging fraud patterns and flag suspicious transactions before they cause major breaches.

“Artificial intelligence gives us the speed and accuracy needed to detect fraud before it causes widespread damage,” she explained.

The Bank of Ghana says it will continue collaborating with global partners and financial institutions to build a stronger, more secure digital finance ecosystem as Ghana’s digital economy expands.

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,

The decision was taken after the 127th meeting of the committee ended yesterday, November 25, 2025.

Speaking at press briefing at the headquarters of the Bank of Ghana in Accra, the Governor of the Bank of Ghana, Dr. Johnson Asiama announced that majority of the members of the committee voted for the huge reduction in the policy rate.

He explained that the committee is optimistic of maintaining price stability in the economy to help keep inflation in the single-digit band.

“The bank projects a continued stable inflation profile around the target and well into the first half of next year, 2026. This is against the backdrop that current risks in the outlook to shift the path of inflation away from target have moderated significantly”, he said.

Dr. Asiama added that the prevailing high real interest rate provides some hope to ease policy to further to boost the current growth recovery efforts.

“Given these considerations, the committee, by majority decision, voted to lower the monetary policy rate further by 350 basis points to 18.0%”, he announced.

He assured that the committee will continue to monitor development and take the appropriate policy decisions to ensure sound and stable macroeconomic conditions.

He stated that the Bank of Ghana will continue to use its various monetary policy tools to check inflation and keep prices stable.

“We have one additional measure. In addition to the policy rate reduction, the bank will now return to the use of the 14 day bill as its main instrument for conducting open market operations”.

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Speaking during the 2026 Budget debate, he said the government relied heavily on sterilisation and excessive fiscal consolidation to suppress inflation.

“I dare say that without them, we were still going to achieve the same results anyway,” he claimed.

He cited data from the budget showing that the Bank of Ghana sterilised GH¢62 billion through Open Market Operations and foreign exchange auctions in 2024. According to him, the move effectively drained liquidity from the pockets of ordinary Ghanaians.

“GH¢62 billion that should have been available in the pockets of Ghanaians to spend this year has been siphoned to the Bank of Ghana,” he argued.

Dr. Boako warned that the impact would be felt sharply during the Christmas season.

“Traders will just be sitting by their products in the scorching sun with potential buyers walking around without buying,” he said, describing the situation as a direct consequence of tight monetary conditions.

He added that despite a food glut and adequate supply of goods, low disposable income means people simply cannot afford to buy.

The MP further questioned why goods with positive income elasticity of demand remain unsold.

“Why would these goods still be glutted on the market without buyers if individuals have money in their pockets?” he asked.

He urged the government to urgently release liquidity into the economy.

“The government must release this money into the economy with speed to enable people to have the money to spend,” he emphasised.

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According to the Bank of Ghana’s auction results, the government failed to meet its target yet again.

The government received GH¢3.94 billion of the total bids, but accepted GH¢3.83 billion of the bids.

A little over 77% of the bids came from the 91-day bill.  About GH¢3 billion of the bids were tendered. The uptake was GH¢2.9 billion.

For the 182-day bill, GH¢613.2 million of the bids were tendered. The bids accepted were estimated to the tune of GH¢608.2 million.  

Also, GH¢257.1 million of the bids were tendered for the 364-day bill. About GH¢254 million of the bids were accepted.  

Meanwhile, interest rates continued to rise on the yield curve.

The 91-day bill increased by 10 basis points to 11.02%.

That of the 182-day bill also shot up to 12.66% from 12.61% the previous week.

However, the yield on the 364-day bill decreased by 7.0 basis points to 13.08%.

In a release dated November 5, 2025, and a policy paper titled Ghana’s Policy Position on Virtual Assets and Service Providers, the BoG outlined Ghana’s first national framework for regulating virtual assets such as cryptocurrencies, tokens, and related technologies.

According to the Bank, a registration exercise conducted in July 2025 identified over 100 companies providing services such as exchange, wallet management, brokerage, and investment advisory to a user base of more than three million Ghanaians.

To strengthen supervision, the bank explained it will establish a Virtual Assets Regulatory Office (VARO) to oversee the sector.

The new office will coordinate with other state institutions and enforce compliance with anti-money laundering and counter-terrorism financing standards.

“The Bank recognises that virtual assets can no longer remain outside Ghana’s financial regulatory remit,” the document stated. It added that the VARO will act as a link between government oversight and the virtual assets industry, and work with agencies such as the Securities and Exchange Commission (SEC), the Financial Intelligence Centre (FIC), the Ghana Revenue Authority (GRA), and the National Communications Authority (NCA).

The announcement marks a major policy shift from the Bank’s earlier cautionary position. In 2018 and 2022, the Bank warned that cryptocurrencies were not legal tender and directed financial institutions to avoid processing crypto-related transactions. The 2025 policy moves from warning to regulation.

The Bank said Ghana’s regulatory approach will be risk-based and activity-specific, ensuring that oversight intensity matches the risks involved in each type of virtual asset service.

High-risk activities such as trading and custody will face stricter licensing rules, while low-risk services will go through simplified procedures.

The Bank reaffirmed that virtual assets will not be recognised as legal tender in Ghana. It said the new regulatory framework aims to promote innovation, consumer protection, and financial stability while reducing exposure to money laundering, fraud, and terrorism financing.

The policy paper also proposes a National Virtual Assets Literacy Initiative (NaVALI), to be developed in partnership with the SEC and the Ministry of Education.

The initiative will promote public awareness and financial literacy, especially among young Ghanaians who make up most crypto users.

Ghana’s policy direction follows international standards set by the Financial Action Task Force (FATF), the International Monetary Fund (IMF), and the Bank for International Settlements (BIS).

The move places Ghana among a small group of African countries taking structured steps to regulate digital assets while supporting innovation.

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This was contained in market data released by the Central Bank on November 5, 2025.

The latest figure represents more than a 35% increase compared to the 28.1 tonnes recorded in October 2024, highlighting continued growth in Ghana’s official gold holdings.

Details of the Bank of Ghana’s Reserve Position

According to the data, the Bank of Ghana’s total gold holdings stood at 30.53 tonnes in December 2024, meaning about 7.51 tonnes have been added between January and October this year.

A careful look at the data showed that in some cases, the amount of gold reserves added by the Bank of Ghana on a month-to-month basis went up by more than 4 percent.

Bank of Ghana’s Gold Purchase Programme

The Bank of Ghana has attributed the steady growth in its gold reserves to its Domestic Gold Purchase Programme, launched in June 2021.

The initiative aims to strengthen Ghana’s reserve position by diversifying the Central Bank’s holdings through direct purchases of gold from local mining companies.

The move was also part of efforts to help reduce the Bank’s reliance on the US dollar, which is more vulnerable to global market volatilities and shocks compared to gold.

Under the programme, the Bank of Ghana buys gold from mining firms and pays them in Ghanaian Cedis.

The Central Bank had previously raised concerns about Ghana’s low gold reserves and stressed the need to improve the situation to strengthen the country’s external position.

Governor of the Bank of Ghana, Dr. Johnson Asiama, in a recent interview with Joy Business, reaffirmed the Bank’s commitment to preserving and growing Ghana’s total international reserves.

“This move should also go a long way in helping to firmly stabilise the cedi,” he added.

Impact

The strong gold reserve position is expected to boost market confidence in the Ghana cedi, given its signaling effect and implications for the Central Bank’s ability to defend the local currency.

Some market analysts have in the past argued that Ghana’s relatively weak reserve position encouraged speculation against the cedi.

The current build-up, they say, strengthens the Bank of Ghana’s hand in maintaining currency stability and curbing speculative activities in the foreign exchange market.

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In a public notice signed by Acting Secretary Aimee Vyda Quashie, the central bank stated that all existing operators in the digital credit space must regularise their activities with the Bank by June 30, 2026.

The directive applies to all mobile loan and digital credit providers currently operating without a BoG licence. These entities are required to submit the necessary documentation and meet all licensing requirements before the deadline.

The BoG cautioned that failure to comply with the directive will attract regulatory sanctions against non-compliant companies.

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This aggressive enforcement action, effective October 30, 2025, is a crucial part of the Central Bank’s strategy to safeguard the stability of the Ghana Cedi and protect the nation’s foreign exchange reserves.

The New Repatriation Mandate: 120-Day Limit

Under the central bank’s new, tightened framework, exporters are now required to repatriate all export earnings through their nominated authorised dealer banks within 120 days of shipment.

This deadline allows for only a single possible extension of 60 days, which must be meticulously justified and officially approved by the BoG. This move replaces and repeals Section 4 of the previous Notice Number BG/GOV/SEC/2016/03, signalling a significant shift toward zero-tolerance compliance.

“All Authorised Dealer Banks shall ensure strict compliance with this notice and promptly communicate its provisions to their exporter clients. Consequently, Section 4 of Notice Number BG/GOV/SEC/2016/03 on Rules on Repatriation of Export Proceeds is hereby repealed with immediate effect,” the statement from the Bank declared.

The BoG is sending an unambiguous signal that financial indiscipline in the export sector will now attract criminal prosecution. Exporters who fail to comply with the 120-day rule risk being charged under Section 15(4) of the Foreign Exchange Act, 2006 (Act 723).

The penalties for non-compliance are steep:

• Monetary Fine: Fines of up to 5,000 penalty units.
• Imprisonment: Up to 10 years in jail.

This enforcement action aims to check the growing concern about forex leakages and unaccounted export proceeds, which have been widely cited as a contributor to periodic pressure on the local currency and limited foreign exchange liquidity.

The Central Bank has explicitly directed all authorised dealer banks to act as frontline enforcement agents. Banks are now required to:

1. Strictly comply with the new rules.
2. Notify their exporter clients of the changes.
3. Monitor export accounts closely.
4. Report any breaches or unexplained delays to the BoG immediately.

This measure forms part of the BoG’s broader raft of forex market reforms designed to tighten regulatory oversight and improve export traceability.

The goal is to ensure that all foreign currency earnings due to Ghana are properly accounted for within the formal banking system, thereby safeguarding monetary stability, improving balance of payments performance, and supporting sustainable economic growth.

Source: Joy Business

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She said the move forms part of government’s efforts to modernise the country’s financial sector and strengthen the use of technology in economic transactions.

The e-Cedi initiative was first explored in 2021 under the leadership of then-Governor Dr Ernest Addison. It is envisioned as a Central Bank Digital Currency (CBDC) that will serve as a digital alternative to physical cash.

Speaking at the launch of the 60th Anniversary Celebration of the Cedi in Accra on Tuesday, the Vice President highlighted the potential of the e-Cedi to enhance Ghana’s financial ecosystem.

“If the e-Cedi payment system is implemented, it will support the vision of a cashless economy, enhance financial inclusion, strengthen confidence in the cedi as Ghana’s sole legal tender, and ensure its continued relevance,” she said.

Professor Opoku-Agyemang noted that the rapid evolution of global finance makes innovation a necessity.

“Finance is evolving rapidly, and that is why the Bank of Ghana is developing and testing the e-Cedi — the digital form of our currency. Once fully implemented, it will modernise our payment system and secure a cashless future, ensuring the cedi retains its importance,” she stated.

The Vice President also urged the Governor of the Bank of Ghana and the Minister of Finance to work closely with businesses, banks, and innovators to ensure a smooth rollout of the new payment system.

She commended the Bank of Ghana, Deputy Governor Dr Johnson Pandit Asiamah, and Finance Minister Dr Cassiel Ato Forson for their roles in maintaining macroeconomic stability and public confidence in the national currency.

“Through prudent monetary policy and effective public engagement, the Bank has helped anchor expectations and restore a measure of credibility to our markets,” Professor Opoku-Agyemang remarked.

Source: Asantewaa Angela Amoako

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According to a leading financial research firm, IC Research, this is on the back of a further drop in inflation in October 2025.

Ghana’s annual headline inflation returned to the Bank of Ghana’s medium-term target band for the first time since August 2021. The headline Consumer Price Inflation declined sharply by 210 basis points to 9.4% year-on-year in September 2025, falling faster than IC Research’s forecast decline of 190 basis points.

The disinflation was largely broad-based as goods inflation, which accounts for 72.5% of the overall CPI basket, eased by 270 basis points to 11.2% year-on-year. The services inflation also moderated by 60 basis points to 4.8% year-on-year.

“In our view, this reflects recent foreign exchange shift to the upside and the resultant upticks in domestic energy prices.

“We view the first single-digit headline inflation in September 2025 as a confirmation that the Ghanaian economy has progressed decisively towards price stability after over four years of double-digit price increases”, IC Research explained.

“While upside risk to the near- and medium-term path looms, we believe the authorities would be minded by the need to lock in the gains with continued policy credibility. The durable moderation in inflation risk has further strengthened the case for another cut in the nominal policy rate with downside scope for domestic bond yields in 4Q2025 [4^th quarter of 2025]”, it added.

The Bank of Ghana cut its policy rate to 21.5% from 25% in September 2025, as a result of easing inflation.

Source: Joy Business

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The decline was driven primarily by reduced credit to the public sector, alongside a moderation in private sector credit flows as banks reallocated portfolios toward Government and Bank of Ghana securities.

This was captured in the 2025 September 2025 Monetary Policy Report.

Also, private sector credit flows amounted to GH¢10.710 billion in August 2025, down from GH¢14.319 billion in August 2024.

Despite this slowdown, the private sector remained the dominant recipient of credit, accounting for 95.5% of total outstanding credit in August 2025, compared with 92.7% a year earlier.

By sectoral distribution, credit flows were concentrated in the services (68.2%), commerce and finance (23.8%) and manufacturing (23.0%) sectors.

The outstanding private sector credit was GH¢91.028 billion at end-August 2025, compared to GH¢80.318 billion at end-August 2024.

In real terms, the private sector credit recorded a modest expansion of 1.7%, as against a contraction of 1.1% over the same period in 2024.

The growth in real sector private sector credit was, however, slightly above trend, with the deviation from trend widening marginally in August 2025, compared to the previous year.

Source: Joy Business

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According to him, the move is aimed at protecting consumers while fostering stronger partnerships between fintechs and banks.

Dr Asiama made this known when he addressed members of the Ghana Association of Banks at their 42nd Annual General Meeting on October 23, 2025, which also coincided with the launch of the Ghana Bankers Voice Magazine.

He noted that the Bank of Ghana’s Open Banking Framework, currently in its proof-of-concept phase, “will enable secure data sharing between banks and fintechs under clear standards for consent, privacy, and cybersecurity.”

Dr Asiama further disclosed that the Bank of Ghana is collaborating with the Securities and Exchange Commission (SEC) and the Financial Intelligence Centre (FIC), among others, to develop formal cryptocurrency regulations by December 2025.

“I am pleased to say we have finalized the bill ready for submission to Cabinet. This progress places Ghana among the first African jurisdictions to regulate digital-asset activity prudently,” he stated.

Deepening Financial Intermediation

The Governor also announced that the Bank of Ghana is working with Development Bank Ghana, the World Bank, and Afreximbank to expand access to credit and trade finance through risk-sharing facilities.

“We are aligning Ghana’s banking infrastructure with continental systems like the Pan-African Payment and Settlement System (PAPSS), which enables cross-border payments in local currencies,” he said.

He added that the Bank, with support from the International Monetary Fund (IMF), has launched a structured foreign exchange operations framework to improve price discovery, reduce volatility, and rebuild reserves.

Dr. Asiama also revealed that the central bank is developing a comprehensive Digitalisation Strategy to guide how it uses technology and data to serve the financial system more effectively.

“We are sending our teams out to the best central banks — from Singapore to London to the Philippines — to learn, experiment, and benchmark against the best, bringing global lessons home,” he disclosed.

He added that a dedicated Bank of Ghana team will soon engage with the Ghana Association of Bankers and individual banks to ensure their perspectives help shape the digitalisation strategy from inception.

AI-Driven Supervision

Dr Asiama emphasised that the central bank is committed to enhancing oversight in the banking sector through technology and innovation.

He revealed that the Bank of Ghana is investing in AI-driven supervisory tools and operationalising a Cyber Threat Intelligence Platform to facilitate information sharing between banks and fintechs.

“As banks migrate more systems to the cloud, operational resilience and third-party risk management will become as critical as capital adequacy.

“Cyber maturity is now a measure of institutional soundness, and our supervisory priorities will increasingly reflect that,” he explained.

The Governor further disclosed that the Bank is piloting an ESG and Climate-Risk Reporting Template to embed sustainability into credit and investment decisions.

“Innovation without trust will not endure, but prudence must never again be an excuse against innovation,” he stressed.

He concluded by urging commercial banks to recognise the changing nature of Ghana’s customer base.

“More than 60 percent of Ghanaians are under 35. For them, banking is not a destination — it is an experience that follows them everywhere,” Dr. Asiama stated.

Source: Joy Business

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Speaking in Washington DC at the ongoing IMF/World Bank Spring Meetings, he said the central bank has observed a shift in remittance patterns, with some inflows now routed through virtual assets and stablecoins instead of regulated financial institutions.

“Crypto is one area. We always knew that the phenomenon was there,” he said. “But as you know, as some people say, crypto is like the air we breathe. It’s around us. It’s used around us. If you don’t engage in it, you don’t know it’s going on.”

He explained that the trend became evident when official remittance inflows suddenly dropped, coinciding with a period of local currency appreciation.

The shift, he said, was partly driven by Ghana’s strengthened cedi, which reduced the local value of transfers from abroad.

“But we saw the phenomenon at play when remittances suddenly reduced; apparently, the local currency had appreciated,” Dr Asiama noted.

“And so therefore the diaspora that was sending the money, some of them, were getting lesser amounts in local currency terms. And so we saw a diversion by way of the channels of transmission. It was no longer going through the banks.”

He said the Bank of Ghana later discovered that parallel market dealers were using stablecoins and other virtual assets to transfer funds into the country.

“What we observed was that some of the parallel market dealers through which these were coming indicated to us that they were using stablecoins and what have you. And so suddenly there was that active use of virtual assets, you know, to terminate even remittance inflows,” he explained.

Dr Asiama said this development confirmed the central bank’s earlier assessment that cryptocurrency activity in Ghana was more widespread than previously recognised.

“So it confirmed our sense that it was an important area. We could not leave it just as that. We have to, you know, step up and be able to regulate and monitor these,” he said.

He revealed that the Bank of Ghana, with technical assistance from the International Monetary Fund (IMF), has since drafted a new Virtual Assets Bill to regulate cryptocurrency operations and protect the financial system from emerging risks.

“We’ve done a lot of work in the past four months to put together the regulatory environment, and I must thank the IMF again. They’ve helped us to put together a new bill to regulate virtual assets,” Dr Asiama said.

“That bill is on its way to Parliament as I speak, and so hopefully before the end of December, we should be able to regulate cryptos in Ghana.”

The Governor stressed that regulation alone will not be enough. The ability to track and monitor digital flows, he said, will be essential for maintaining financial integrity.

“But I must say that passing a law is just one step in this process. Going down the road, the ability to monitor those flows will be key,” he said.

“So therefore, we are developing the expertise, we are developing the manpower. We are putting together a new department altogether that will help us to regulate that area.”

Dr Asiama said the central bank is determined to build the institutional capacity required to oversee Ghana’s fast-evolving digital finance ecosystem.

“But yes, it is an important area,” he concluded. “We can no longer ignore it, and we are trying very hard to be able to regulate that as well.”

Source: Abubakar Ibrahim

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Speaking in an interview with the IMF during the ongoing IMF/World Bank Spring Meetings in Washington DC on October 16, he said recent interventions by the Bank of Ghana were temporary measures to cushion the market during a period of heavy outflows and lumpy payments.

“Yes, there were allegations about whether we were intervening in the market,” he said. “But that was not exactly the case.”

He explained that between the second and third quarters, the central bank had to meet large financial obligations, including billions of dollars in arrears owed to Independent Power Producers (IPPs).

The period also saw some domestic debt exchange bondholders deciding to exit their investments following the appreciation of the cedi.

“There were all these large arrears in payments to some of the IPPs,” he said.

“And we also had some of the domestic debt-affected bondholders that wanted to exit. Because the currency had appreciated, they felt it was the right time to take up their investment. We had to allow them to go.”

Dr Asiama said the Bank of Ghana was compelled to make significant payments between July and August to settle those obligations, leading to perceptions that it was heavily intervening in the FX market.

“All these inflows accrue to the central bank, and it was happening at the time when we saw some decline in remittance inflows,” he explained.

“Remittance inflows are another huge source of FX injection — over six billion US dollars per year. However, immediately after the currency appreciated, we saw a decline.”

He said the combination of reduced remittance inflows and large outflows caused a temporary strain on the interbank market.

“During that time, the interbank FX market had dried up, and so the central bank needed to provide that support,” he said.

Dr Asiama, however, expressed confidence that the market had since recovered. “I’m happy to say that the interbank FX market has come back,” he said.

He disclosed that the Bank of Ghana had instructed mining companies to channel all foreign exchange inflows through commercial banks.

“We have written to the mining firms, for example, to take all their inflows through the commercial banks,” he stated. “So we are beginning to see some pickup in interbank FX market activity.”

He clarified that gold inflows remain an exception but noted that the trend points to a more vibrant, self-sustaining FX market.

“What we have now is to intermediate what comes from the Gold Board, and then the rest is taken into our reserves,” he said.

Dr. Asiama gave specific figures to show that demand on the market had normalised.

“As of yesterday, we had committed to make available 150 million US dollars,” he said.

“This morning, when I checked, the market had picked up only 90 million dollars, so 60 million automatically goes into our reserves. Same thing Tuesday — we made available 150 million dollars, and the market picked up less than half that.”

He stressed that the Bank of Ghana is not over-supporting the market. “We do not over-support the markets at all,” he said.

“All we seek to do is to limit the volatilities in the markets, to ensure that we have that smooth dynamic in the market, and that’s the framework we will maintain going forward.”

Source: Myjoyonline

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The Bank of Ghana (BoG) has increased its gold reserves to 37.06 tonnes as of September 2025, marking a 21.3 percent rise since the beginning of the year.

According to data from the central bank, reserves stood at 30.53 tonnes in January 2025 and have grown steadily month after month, rising from 36.02 tonnes in August to 37.06 tonnes in September.

The steady accumulation has been largely attributed to the Domestic Gold Purchase Programme, an initiative aimed at strengthening Ghana’s foreign exchange reserves, stabilizing the cedi, and enhancing investor confidence.

In an earlier statement, the Bank explained that the programme is a key tool for diversifying reserve assets and reducing exposure to global financial volatility, thereby providing stronger buffers against external shocks.

The initiative also seeks to leverage Ghana’s gold assets to secure more affordable financing and improve short-term foreign exchange liquidity, reducing dependence on external debt markets.

Source: Joy Business

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The central bank intends to sell up to US$1.15 billion in FX for the month as part of efforts to strengthen market transparency and enhance price discovery.

According to the BoG, the sales will be conducted on a spot basis through twice-weekly, price-competitive auctions open to all licensed banks.

The BoG emphasized that there will be no earmarking or special conditions attached to allocations, ensuring a level playing field and transparent access for all market participants.

“The overarching objective remains clear to deepen the interbank FX market, enhance price discovery, and smooth volatility,” the Bank stated.

It added that monthly auction volumes may be adjusted based on evolving market conditions, but reaffirmed its commitment to full transparency. The BoG pledged to continue disclosing all FX market operations and outcomes in line with best international practices.

The move forms part of broader efforts by the central bank to strengthen Ghana’s FX management framework and promote stability within the financial system.

Source: James Eshun

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According to the Central Bank, this is reflecting the impact of monetary policy tightening, the appreciation of the cedi, and the ongoing fiscal consolidation.

Moreover, it said supply-side pressures have eased, reducing their contribution to food and headline inflation. In the outlook, risks to inflation are tilted to the downside.

However, the upside risks remain, including broader supply chain challenges, global trade tensions, a 2.5% upward adjustment in utility tariffs, and the introduction of a new 1.0% energy levy on ex-pump prices, which could impact inflation.

Going forward, the Bank of Ghana said the exchange rate stability is expected to persist, supported by significant improvements in the external sector. These improvements have led to the accumulation of international reserves, far exceeding the ECF-supported program target, which will further aid the disinflation process.

Additionally, factors such as a tight monetary policy stance, ongoing fiscal consolidation, and stable crude oil prices could help offset the upside risks to disinflation.

Year-on-year inflation eased to 9.4% in September 2025, fueled by a significant drop in food inflation.

It was the 9^th consecutive month decline.

Source: Joy Business

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This is compared to a growth of 44.9% a year ago.

According to the report by the Bank of Ghana, the growth was on account of a rebound in profits across the industry and recapitalisation efforts of undercapitalised banks.

Meanwhile, bills (short-term debt instruments) constituted the largest component of banks’ investment portfolio, after its share rose to 60.3% in June 2025.This was from 39.9% in June 2024.

The share of long-term securities in total investments, however, declined to 39.4% from 59.8% over the same period.

The share of equity investments remained negligible and unchanged at 0.3% during the period under review.

Asset and Liability Structure

In a related development, the asset structure of the banking industry’s balance sheet in June 2025 reflected banks’ preference for investments.

Investments (comprising bills, securities, and equity) replaced cash and bank balances as the largest component of total assets, with an increased share of 42.3% in June 2025, from 33.2% in June 2024, as banks rebalanced their portfolios in favour of higher returns on investments.

Cash and bank balances was the second largest component of banks’ assets as of June 2025, although its share in total assets declined to 28.9%, from 35.8% in June 2024.

Investments and cash and bank balances together accounted for 71.2% of total assets in June 2025, compared to a share of 69.0% in June 2024.

Net loans and advances constituted the third-largest component of total assets, recording a declined share of 19.0%, from 21.4% in June 2024.

Non-earning assets (fixed assets and other assets) in banks’ total assets recorded a marginal increase in share to 9.9%, from 9.6%, during the review period.

On the liability side, the share of deposits in banks’ liabilities and shareholders’ funds declined to 72.9%t in June 2025, from 76.1% in the corresponding period last year.

The share of borrowings rose during the period under review to 8.6% from 7.2%, reflecting the growth in total borrowings during the period.

Source: Joy Business

According to the July 2025 Monetary Policy Report by the Bank of Ghana(BoG), 2,502 job adverts were recorded as compared with 2,968 for the same period in 2024.

This indicated a decline of 15.7% year-on-year.

Similarly, on a month-on-month basis, the number of job vacancies in June 2025 dipped by 18.4% from the 3,066 jobs advertised in May 2025.

Cumulatively, for the first half of 2025, the total number of advertised jobs went up by 7.7% to 18,604.

This was from 17,278 recorded during the same period in 2024.

Meanwhile, the total number of private sector SSNIT contributors, which partially gauges employment conditions, improved marginally by 2.1% to 1,065,925 in May 2025.

This is compared with 1,044,111 for the same period in 2024.

On a month-on-month basis, the total number of private sector SSNIT contributors remained largely unchanged from the 1,067,531 individuals recorded in April 2025.

Source: Joy Business

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Market data seen by JOYBUSINESS showed that the Bank of Ghana this week, through its FX Forward Auction, offered US$ 300 million.

However, the commercial banks just accepted US$ 243 million, with a price range of GHC 12.15-12.40.

Market Response

Some commercial banks told JOYBUSINESS they expect the cedi to trade steadily against the dollar in the coming days, buoyed by the Central Bank’s intervention.

However, despite a pick-up in interbank activities since August 2025, only about US$4 million was reported to have changed hands among participants this Wednesday.

The intervention comes shortly after President John Mahama announced at a recent media engagement that the BoG had withdrawn routine interventions in the forex market, stressing the need to strike a balance between supporting exporters and not overburdening importers.

At the Monetary Policy Committee press briefing, Governor Dr Johnson Asiama assured that commercial banks have been adequately supplied with dollars to meet market demand.

Checks by JOYBUSINESS also show that the cedi’s rate of depreciation has slowed in recent weeks, though it remains unclear whether BoG’s latest intervention is the main driver.

BoG on declining FX forward auction

The Bank of Ghana had started reducing the volume of dollars sold through its FX Forward Auction programme in Q2 2025.

Market data revealed that in August 2025, BoG sold US$737 million through spot and forward auctions — representing an 18% drop from the US$900 million-plus sold in July.

Market analysts say this trend highlights BoG’s deliberate scaling back of its interventions.

Cedi Pressure to Ease Soon

The Bank of Ghana has expressed optimism that current pressures on the cedi will normalise soon, backed by new monetary measures aimed at boosting forex inflows for commercial banks.

Director of Research Dr Philip Abradu-Otoo disclosed on PM EXPRESS BUSINESS EDITION with host George Wiafe that the Central Bank’s directive requiring mining firms to channel their dollar inflows through local banks has already eased liquidity challenges.

“We have also seen remittances pick up after recent regulatory intervention, and all of these should go a long way to improve supplies on the market,” Dr Abradu-Otoo stated.

He added that cocoa inflows and expected donor disbursements in the coming months will further strengthen forex supply.

“All these inflows should go a long way to improve the supply situation when it comes to the forex market,” he stressed.

Source: Joy Business

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Speaking at the launch of a new book titled ‘Digital Financial Literacy’, authored by financial inclusion advocate Korsi Dzokoto, Dr. Mumuni said: “Financial literacy is not just a personal asset; it is a national necessity. Deepening it across all sectors will drive inclusion and enhance the stability of our economy.”

He stressed that improving financial knowledge will empower individuals and businesses to make better decisions in today’s evolving financial environment.

Author of the book, Korsi Dzokoto, explained that the publication seeks to bridge knowledge gaps in the digital finance space and ensure more Ghanaians are included in the country’s financial system.

“This book is meant to equip Ghanaians with the right knowledge and skills to navigate today’s fast-changing financial landscape and ensure that no one is left behind,” he said.

The Bank of Ghana has pledged continued support for initiatives that advance financial education, which it believes is key to building a stronger, more inclusive economy.

Source: Joy Business

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According to BoG, the decision reflects confidence in falling inflation and a strengthening economy. Yet, even as borrowing costs ease, questions arise.

Can the central bank hold the line against possible utility tariff hikes, global shocks, and the stubbornly high stock of bad loans in the banking sector?

The coming months will test whether the BoG’s bold easing stance can withstand the pressures that threaten Ghana’s hard-won stability.

From January to September 2025, the monetary policy path has swung dramatically. The year opened at 27 per cent, unchanged through February.

In March, the rate was hiked by 100 basis points to 28 per cent, where it held steady until June.

Then came the pivot: a 300-basis-point cut in July brought the rate down to 25 per cent, followed in September by an even sharper 350-basis-point reduction, settling at 21.5 per cent.

In total, Ghana has seen a net 550-basis-point drop this year, marking a clear shift from earlier tightening to aggressive easing as inflation pressures subsided and economic fundamentals improved.

The rationale is clear. Inflation has been on a steady decline for eight consecutive months, reaching 11.5 percent in August 2025, its lowest in four years.

Growth remains broad-based, with GDP expanding 6.3 per cent in Q2, and non-oil activities surging by 7.8 per cent, led by services and agriculture.

Fiscal consolidation is yielding results: the deficit narrowed to 1.1 per cent of GDP, a primary surplus was achieved, and public debt fell sharply from 61.8 per cent of GDP at end-2024 to 44.9 per cent by July 2025.

External buffers are also stronger, with a record US$6.2 billion trade surplus, reserves of US$10.7 billion covering 4.5 months of imports, and a 21 percent cedi appreciation year-to-date.

Meanwhile, the banking sector remains resilient, with a 17.7 per cent capital adequacy ratio and improving loan quality, as non-performing loans declined to 20.8 per cent.

For households, this cut promises gradually lower borrowing costs, cheaper loans, and relief for personal finance.

For businesses, it offers room to expand, invest, and create jobs. For government, it reduces financing costs and strengthens fiscal stability.

But risks remain. Potential utility tariff adjustments, external headwinds, and persistent bad loans could all undermine progress.

In short, the Bank of Ghana has made a bold gamble, balancing stability with growth. The rate cut signals optimism, but vigilance will be the price of sustaining Ghana’s fragile disinflation path and ensuring the gains of 2025 are not quickly reversed.

The writer, Prof. Isaac Boadi, is Dean, Faculty of Accounting and Finance, UPSA; and Executive Director, Institute of Economic and Research Policy

Source: Prof. Isaac Boadi