Monetary Policy
Stories in this category
No plans to sell $260M new headquarters – BoG
The Bank of Ghana (BoG) on Tuesday dismissed media reports suggesting it was considering the sale of its recently completed $260 million headquarters, describing the claims as “false and misleading”. In a statement, the central bank rejected a report published by MyJoyOnline on June 1 that cited sources as saying the i...
Cutting rates while draining liquidity: Is the Bank of Ghana contradicting itself—or getting it right?
When a central bank cuts interest rates while simultaneously spending billions to withdraw liquidity from the system, it is reasonable to ask: are these policies pulling in opposite directions? This question arises from a deeper curiosity about how monetary policy is currently being conducted in Ghana. Over the past se...
Oil, war and the limits of monetary policy
It rarely begins as a monetary story. A conflict erupts. Tanker routes become uncertain. Insurance costs jump. A few shipments are delayed, then withheld. Prices start to move, not gradually, but abruptly. And before long, inflation follows. The current confrontation involving the United States, Israel, and Iran is unf...
Bank of Ghana’s mandate should be price stability and nothing else – Dr Nsafoah
He suggested that the solution is to improve coordination between institutions responsible for macroeconomic stability and those responsible for structural transformation and employment creation, and not to dilute the mandate of the Bank of Gha
Policy rate at 14%: Middle East crisis is the elephant in the room – BoG Governor
The Governor of the Bank of Ghana, Johnson Pandit Asiamah, has defended the decision by the Monetary Policy Committee (MPC) to maintain the policy rate at 14 percent, insisting that lingering geopolitical tensions in the Middle East continue to pose serious risks to Ghana’s inflation outlook and economic stability. Res...
Non-Performing Loans decline to 18% nut elevated risk remains – BoG
Nonetheless, it disclosed in its Monetary Policy release that elevated credit risk remains a key concern and requires banks’ strict adherence to the regulatory guidelines aimed at reducing non-performing loans in the industry.
APL questions policy logic behind BoG financial decisions
Policy think-tank Africa Policy Lens has raised fresh concerns over the financial position and policy direction of the Bank of Ghana, after the central bank reported a wider loss for the 2025 financial year despite a sharp rise in operating income. The bank posted a loss of GHC15.63 billion in 2025, up from GHC9.49 bil...
Bank of Ghana acting as “political agent” of NDC government – Domfe
Economist George Domfe has accused the Bank of Ghana of becoming too closely aligned with government policy objectives, warning that recent monetary operations and balance sheet decisions raise questions about institutional independence. “Bank of Ghana has now positioned itself as a political agent of the ruling govern...
Strengthen BoG’s balance sheet to reduce fiscal risks, others – IMF to government
The Fund said the losses associated with the Domestic Gold Purchase Programme (DGPP) underscore the importance of increasing transparency and limiting quasi-fiscal activities that weaken the central bank’s balance sheet.
Declining interest rates and tightening liquidity needed to support gradual economic recovery – US-based Economist
In a paper, “Cutting Rates While Draining Liquidity: Is the Bank of Ghana Contradicting Itself—or Getting It Right?” Dr. Nsafoah, said over the past several months, the Bank of Ghana has been engaged in what appears to be a deliberate pattern of gradually reducing the policy rate while at the same time intensifying eff...
BoG losses reflect prudent policy, not mismanagement – NDC
A member of the National Democratic Congress (NDC) communications team, Julius Kattah has defended the Bank of Ghana’s recent financial losses, arguing that they reflect deliberate policy actions taken to stabilise the economy rather than fiscal mismanagement. He says the central bank’s role in managing inflation, curr...
Monetary policy decisions will be driven by data despite current commodity price volatility – BOG Governor
The governor of the Bank of Ghana, Dr. Johnson Asiama, has given firm assurance that the bank will continue to pursue a prudent, disciplined, and data-driven approach to its monetary policy decisions and actions.