Sub-Saharan Africa
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Ghana’s Inflation Remains ‘Uncomfortably High,’ New Central Bank Governor Warns

In late February, President Mahama criticized the previous government's economic mismanagement, describing the country as a "crime scene." He emphasized the importance of collective sacrifice to restore the stability that had been disrupted.
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Ghana’s new central bank governor, Johnson Asiama, has cautioned that while inflation is easing, it remains “uncomfortably high” and will require a balanced monetary policy.
Inflation stood at 23.1% in February, significantly lower than its peak of over 54% in December 2022, but still well above the Bank of Ghana's 8% target.
Speaking ahead of his first monetary policy meeting, Asiama emphasized the challenge of maintaining the disinflation trend without jeopardizing economic recovery.
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While Ghana has made progress in stabilizing its economy after defaulting on external debt in 2022, Asiama warned of potential risks, including global tariffs, geopolitical tensions, and weakening Chinese demand.
He noted that gold exports and remittances had helped build reserves but remained cautious about whether current fiscal measures would meet IMF expectations.
The Monetary Policy Committee is set to announce its next interest rate decision on Friday, with policymakers balancing inflation control and economic growth.