Ghana’s inflation drops to 3.3% as economy recovers faster than expected – BoG Governor

Josephine Amuzu 08:35 - 17 March 2026

Governor of the Bank of Ghana, Dr Johnson Asiama

Ghana’s inflation drops to 3.3% as the economy stabilises faster than expected, with international reserves rising to $14.5 billion, boosting confidence

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, says Ghana’s economy is recovering faster than anticipated, with key indicators showing steady improvement.

Speaking at the opening of the 129th Monetary Policy Committee (MPC) meeting on Monday, March 16, Dr Asiama pointed to a significant drop in inflation and stronger external reserves as signs of progress.

Inflation fell sharply to 3.3 percent in February 2026, marking the 14th straight month of decline and dropping below the central bank’s target range. This, he noted, reflects the impact of disciplined economic policies and renewed confidence in the economy.

Taken together, these indicators point to an economy stabilising more quickly than many had expected,” he stated, adding that fiscal and real sector performance have also improved.

He added that overall economic conditions are improving, with better performance in both government finances and the real sector. Ghana recorded a primary surplus of 2.6 percent of GDP at the end of 2025, while business and consumer confidence have also increased, supporting a gradual rise in lending.

On the external front, Ghana’s international reserves have climbed to about $14.5 billion, covering approximately 5.8 months of imports. This is an improvement from just over $13 billion recorded in January.

Dr Asiama stressed that stronger reserves are crucial for maintaining investor confidence and helping the country withstand global economic shocks.

He also highlighted a new government initiative, the Ghana Accelerated National Reserve Accumulation Programme (GANRAP), aimed at significantly increasing the country’s reserves. The programme targets raising reserves to cover up to 50 months of imports by 2028.

The programme targets raising international reserves to the equivalent of 50 months of import cover by 2028, compared with the current level of around 5.8 months

However, he cautioned that achieving this goal will require careful coordination of monetary policy, liquidity management, and the central bank’s operations.

Despite the positive outlook, the MPC remains cautious due to global uncertainties. Rising tensions in the Middle East, he warned, could disrupt energy supplies and shipping routes, potentially leading to higher import costs for Ghana.

He said,

The question before the committee is not whether conditions have improved, but how we respond to that improvement when the factors that enabled it are now under pressure,

The outcome of the 129th MPC meeting is expected to signal the Bank of Ghana’s next policy direction as it balances economic recovery with external challenges.

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