Editorial: Central Bank’s focus this year will be on consolidation

Governor of the Bank of Ghana, Dr. Johnson P. Asiama, announced during the central bank’s new year media engagement that BoG is shifting the focus of monetary policy toward managing expectations.

After a period of “restoration” in 2025, policy-makers are now aiming to lock in credibility and prevent a relapse into instability. Emphasis on expectation management marks a transition for the Bank of Ghana, which spent much of 2025 containing inflation, restoring order in markets and rebuilding trust after years of volatility.

With headline inflation now close to target, the bank’s priority is to ensure that households, businesses and investors believe stability will be maintained.

Pertaining to the Domestic Gold Purchase Programme, Dr. Asiama said: “These programmes involved costs, but they delivered tangible stability benefits and should be understood as strategic interventions in support of macroeconomic and external resilience”.

Monetary policy in 2026, he noted, will remain measured and predictable with clear signalling designed to reinforce credibility, rather than surprise markets. “We do not respond to pressure, speculation or sentiment. We respond to evidence, risks and the medium-term outlook for price and financial stability”.

2026 would be about consolidation and discipline rather than expansion, he added.

Supervisory focus will deepen on governance, capital planning and early risk detection, while financial market reforms will be embedded into routine practice.

Hence, to the Governor, emphasis this year is quality over quantity – strong institutions, disciplined markets and policies that endure. He also said oversight would be strengthened to ensure consumer protection, sound governance and system reliability, while innovation proceeds within clear regulatory boundaries.

The year 2025 was described as a difficult year that required tough judgments, careful sequencing of policy actions and sustained discipline across institutions.

Also, the passage of the Bank of Ghana (Amendment) Act in 2025 strengthened the bank’s independence and accountability, placing the country’s central banking framework on a firmer footing in line with international best practice.

 

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