By Adnan Adams Mohammed
In a candid assessment of the nation’s monetary trajectory, the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has underscored the complex and often costly “trade-offs” required to maintain macroeconomic stability.
Speaking on Sunday at the Governor’s Roundtable session during the 2026 Kwahu Business Forum, Dr. Asiama reflected on a year of aggressive fiscal intervention that successfully tamed inflation but left the central bank with a significant bill.
The Price of Stability
Reflecting on the economic progress made throughout 2025, the Governor noted that while the Cedi remains stable and under control, the achievement was not without its hurdles. He explained that the central bank’s primary challenge lies in the delicate equilibrium between fostering growth and curbing inflation.
”The work we do is always about trade-offs… trying to strike the right balance,” Dr. Asiama told the gathering of industrialists and policymakers.
The Governor revealed that the success of December 2025, which saw inflation plummet to 5.4%, the result of an “expensive” mopping-up exercise. To stabilize the currency and lower prices, the bank had to commit substantial financial resources to drain excess liquidity from the system.
A Leaner Outlook for 2026
Despite the high costs incurred last year, Dr. Asiama offered an optimistic forecast for the current fiscal year. He suggested that the heavy lifting of 2025 has created a more manageable environment for 2026.
”If you look at where inflation was at the end of December 2024 and where it is now, it wouldn’t involve the same level of resources to keep it low and stable going forward,” he stated, signaling that the bank expects to maintain stability with less intensive capital expenditure this year.
Strengthening the Credit Line
A central theme of the Governor’s address was the symbiotic relationship between the central bank and the private sector. Dr. Asiama assured the business community that a stable macro-environment is the precursor to a more vibrant lending market.
Market Strength: The bank aims to further strengthen financial institutions.
Credit Accessibility: “When banks are strong, they can give more credit,” the Governor emphasized, linking central bank policy directly to the ease of doing business.
High-Level Dialogue at Kwahu
The Roundtable served as the grand finale to the three-day Kwahu Business Forum, which commenced on April 3. The event has become a pivotal hub for dialogue between the government and the private sector, aimed at stimulating industrial growth.
The session saw a high-powered government delegation in attendance, including:
Mr. Julius Debrah, Chief of Staff to the President.
Mrs. Rita Akosua Adjei Awatey, Eastern Regional Minister.
Mr. Seth Terkper, Economic Advisor to the President.
Ms. Marietta Agyeiwaa Brew, Legal Counsel to the President.
As the forum concluded, the consensus among attendees was clear: while the cost of stability is high, the foundation laid in 2025 provides a promising springboard for Ghanaian businesses to thrive in a low-inflation environment throughout 2026.
