BoG targets consolidation and market discipline in 2026 – Governor

Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has announced that the central bank will, in 2026, focus on consolidating the macroeconomic gains recorded in 2025 while deepening reforms to strengthen Ghana’s foreign exchange and money markets.

He said the Bank’s reform agenda for the year ahead would prioritise measures aimed at rebuilding and sustaining confidence in the financial system, while protecting the macroeconomic stability restored over the past year.

Dr Asiama made the remarks during the Bank of Ghana’s New Year media engagement held in Accra, where officials reviewed developments in the 2025 fiscal year and outlined expectations for 2026.

“For the Bank of Ghana, 2025 was a year of restoring macroeconomic stability, rebuilding confidence in policy, and re-establishing order across key segments of the financial system. At the macroeconomic level, the Bank’s foremost priority was anchoring inflation expectations and restoring stability,” he stated.

The Governor underscored the critical role of the media in promoting transparency and accountability in economic governance, describing a free, independent and responsible press as essential to a functioning democracy.

He acknowledged the complexity of monetary and financial policy issues, noting that journalists play a vital role in translating such matters into clear and understandable information for the public.

Dr Asiama also disclosed that the Bank’s digital finance agenda for 2026 would place greater emphasis on resilience and strong safeguards as digital financial services continue to expand.

“Oversight will be strengthened to ensure consumer protection, sound governance and system reliability, while innovation proceeds within clear regulatory boundaries,” he said.

He added that programmes introduced in 2025 and continuing into 2026—particularly those related to gold and other reserve management—would be transitioned into more sustainable, institutionalised and fiscally responsible frameworks.

“Our expectation as a central bank is not mere compliance but responsibility — accuracy, balance and context,” he noted.

Dr Asiama reiterated that the Bank’s policy decisions remain data-driven and forward-looking, with a firm commitment to price and financial stability.

“We do not respond to pressure, we do not respond to speculation, and we do not respond to sentiment. We respond to evidence, risks and the medium-term outlook for price and financial stability,” he stressed.

He further emphasised that the Bank prioritises stability over speed, adopting policies that may be challenging in the short term but are sustainable over time. He added that the central bank operates within established institutional frameworks and collective decision-making processes grounded in rigorous analysis.

The Governor also highlighted progress made in capital market development in 2025, particularly ongoing discussions aimed at encouraging bank listings.

“Working with market regulators and stakeholders, the Bank supported efforts to deepen the use of public markets to strengthen governance, transparency and market discipline within the financial sector,” he said.

In addition, Dr Asiama announced the introduction of a new internal media recognition initiative, the Governor’s Economic and Financial Story of the Year, aimed at promoting accurate, insightful and innovative economic reporting across both traditional and digital platforms. The winning journalist will receive sponsorship to attend the annual IMF–World Bank Meetings.

First Deputy Governor of the Bank of Ghana, Dr Zakari Mumuni, also commended the progress made in the financial sector, describing recent currency stability as a collective national achievement. He stressed that central banking is built on trust and urged the media to uphold responsible reporting to help strengthen public confidence in the economy.