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The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has pledged to boost transparency in the central bank’s decision-making as the 123rd Monetary Policy Committee (MPC) meeting gets underway.
Addressing widespread concerns that MPC decisions are made behind closed doors, Dr. Asiama outlined plans to publish voting outcomes and simplify policy statements, aiming to make monetary policy more understandable for both businesses and the public.
He explained,
“There’s a growing sense in public commentary that MPC decisions are taken behind closed doors without clear, data-driven reasoning. To counter this, I am proposing that we implement mechanisms to make the Committee’s decision factors more accessible—whether through publishing voting outcomes or enhancing the narrative content of our policy statements.
“Similarly, we need to work on simplifying the way we present forecasts so the public and market participants can better understand the underlying policy story. These changes, in my view, will strengthen our credibility and deepen trust in the policy framework.”
In addition to transparency initiatives, Dr. Asiama reaffirmed the BoG’s commitment to maintaining price stability. He noted that, although inflation is showing signs of easing, it remains high at over 23%, with only modest improvements month-on-month. Persistent structural drivers, particularly in food inflation, continue to keep the pressure on, making control of inflation a top priority.
The Governor also cautioned about external risks that could adversely affect Ghana’s inflation outlook. These include a potential escalation in global tariff wars, rising geopolitical tensions, and weakening Chinese demand, all of which may impact trade and capital flows.
On the domestic side, Dr. Asiama acknowledged that Ghana’s fiscal deficit surpassed program targets in 2024, although early 2025 has indicated some consolidation. Despite this progress, he admitted that concerns persist over whether current measures will be sufficient to satisfy upcoming IMF program reviews.
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