BoG kickstarts 2026 with first MPC meeting amid strong indicators
27th January 2026
The Bank of Ghana (BoG) convened the 128th meeting of its Monetary Policy Committee (MPC) on January 26, 2026, marking the first gathering of the year to assess the country’s macroeconomic outlook and calibrate monetary policy for sustained stability.
In his opening remarks, Governor Dr. Johnson Pandit Asiama acknowledged the significant progress achieved in 2025, while cautioning that the central bank’s work is far from complete.
Positive Macroeconomic Signals
Dr. Asiama highlighted several indicators pointing to robust economic performance. Inflation had fallen to 5.4 percent by the end of 2025, with expectations well-anchored, while gross international reserves rose to US$13.8 billion, equivalent to 5.7 months of import cover.
The improvement was supported by a current account surplus of 8.1 percent of GDP, and strong economic growth up to the third quarter of the year. Leading indicators suggested that momentum would continue into 2026, boosting confidence among both consumers and businesses.
“These outcomes confirm that recent policy choices are yielding results and that policy credibility has been restored,” Dr. Asiama stated, emphasizing that the MPC meeting was not a moment to celebrate achievements but to evaluate the sustainability of these gains and guide future policy.
Global And Domestic Considerations
The Governor noted that the economy continues to benefit from favourable global conditions, including resilient growth projections of around 3.3 percent for 2026 and elevated gold prices.
However, he cautioned that these tailwinds may be temporary, requiring careful domestic policy calibration.
Domestically, rapid disinflation has created monetary policy space, but also presents questions about sequencing, communication, and sustainability.
“Our task is to assess the durability of these policies and calibrate policy to support growth while preserving credibility,” he remarked.
Key Considerations For The Committee
Dr. Asiama identified four core considerations for the MPC’s deliberations:
Pace and sequencing of policy adjustments – Evaluating whether monetary easing should proceed gradually, with interim pauses to reassess economic conditions, and how these signals are communicated to markets.
Foreign exchange stability – Maintaining the cedi’s stability, which was notably strong in 2025, and managing expectations to sustain confidence in the currency.
Domestic Gold Purchase Programme (DGPP) – Assessing the timing, sustainability, and balance-sheet implications of the DGPP, which has contributed to strengthening external buffers.
External scrutiny and data integrity – Preparing for the International Monetary Fund (IMF) review in April 2026, with the MPC among the first to rigorously evaluate key indicators such as inflation, reserve accumulation, and compliance with zero central bank financing, including transparent recognition of legacy and policy-mandated quasi-fiscal activities.
Dr. Johnson Asiama emphasized that the MPC’s decisions must balance robust judgment with adherence to the Bank’s mandate, ensuring that policy responses to improved conditions remain credible under domestic and international scrutiny.
Looking Ahead
The Governor concluded by stressing that while macroeconomic indicators are favourable, policy vigilance remains crucial.
He encouraged members to approach deliberations with careful judgment, noting that the 128th MPC meeting will guide monetary policy decisions critical for sustaining stability, promoting growth, and reinforcing confidence in the economy.