Our focus is on inclusive, job-rich economic growth — BoG Governor

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiamah, has highlighted the need to safeguard the country’s economic gains while ensuring growth translates into jobs for Ghanaians.

He noted improvements across inflation, the cedi, and the real sector, signaling a turning point for the country’s economy which faced difficulties in recent years.

In a social media post on Monday, November 24, following the 127th Monetary Policy Committee (MPC) meeting, the central bank’s Governor noted that the economy has made significant strides over the past year.

“As we open the 127th MPC Meeting today, the data before us tells a very different story from where Ghana stood just a year ago. Our economy has turned a decisive corner. Inflation is not only back within the target band but has eased faster than anticipated,” Dr. Asiamah said.

The BoG Governor further pointed to strong growth in services and agriculture, noting that non-oil GDP has risen to 7.8%, and highlighted that consumer and business confidence remain positive.

He emphasised that the central bank’s focus is on sustaining price stability, supporting the real sector, and guiding the economy toward “inclusive, job-rich growth.”

“Ghana is entering what could be a multi-year period of price stability and steady expansion. The task before us is to protect this stability while supporting the real sector’s recovery and guide the economy into its next phase of inclusive, job-rich growth,” he noted.

The MPC meeting, which runs over three days, will focus on maintaining financial sector stability, consolidating gains from foreign exchange reforms, and ensuring that credit flows to businesses to sustain economic momentum.

The meeting will culminate in the announcement of the new monetary policy rate which is essentially the rate at which the central bank lends money to commercial banks or sets as a reference for interbank lending.