2026 year of sustained monetary discipline – BoG Governor

The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, says the focus of the central bank this year will be to consolidate the gains made in 2025 and ensure sustained monetary discipline.

“With stability restored, 2026 is about consolidation and discipline. The Bank’s focus this year is to embed the reforms of the past period into routine practice and ensure that stability translates into durable confidence, effective intermediation and predictable markets,” he stated.

Dr Asiama (sixth from left) with jounalists after the programme

He said monetary policy would remain measured and forward-looking, anchored on price stability and supported by clear signalling and consistent liquidity management.

“The objective is not to surprise markets, but to reinforce credibility through continuity,” he assured.

In the financial sector, the Governor indicated that supervisory attention would increasingly shift towards prevention rather than cure.

“Greater emphasis will be placed on governance quality, capital and liquidity planning, and early risk identification, ensuring that vulnerabilities are addressed before they threaten stability,” he said.

Dr Asiama noted that consolidation would also be the priority for the financial markets this year.

According to him, recent reforms would be deepened to support orderly price discovery, disciplined market conduct and improved confidence across the foreign exchange and money markets.

Touching on payments and digital finance, the Governor stressed that attention would focus on resilience and safeguards as usage continued to expand. He said oversight would be strengthened to ensure consumer protection, sound governance and system reliability, while innovation proceeds within clear regulatory boundaries.

“2026 will mark a transition in how national strategic initiatives are anchored. Programmes introduced during the period of adjustment, including those related to gold, will move towards more sustainable institutional and fiscal arrangements, ensuring shared responsibility and long-term viability,” Dr Asiama stated.

He added that across all areas, the emphasis for the year would be quality over quantity, with a focus on strong institutions, disciplined markets and policies that endure.

Explaining the BoG’s approach to monetary policy in 2025, the Governor said decisions were data-driven and forward-looking.

“We do not respond to pressure, speculation or sentiment. We respond to evidence, risks and the medium-term outlook for price and financial stability,” he said.

He emphasised that the Bank prioritised stability over speed, noting that in rebuilding credibility and restoring order, quick fixes were rarely durable.

“Our focus has been on policies that can be sustained, even when they are uncomfortable in the short term,” he added.

Dr Asiama also said the BoG operated as an institution, not as individuals, with decisions taken through established frameworks informed by analysis, debate and professional judgement.

“These principles guided our actions in 2025 and will continue to guide us in the year ahead,” he stated.

On the engagement itself, the Governor said the annual interaction with the media had become an important tradition for the Bank, offering an opportunity to reflect on the year just ended and situate its work within the broader national conversation.

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

“It was a year of adjustment for the economy, for markets and for households,” he said.

Dr Asiama commended the media for playing an essential role in helping Ghanaians understand the challenges and the rationale behind difficult policy choices.

“A free, independent and responsible media is a cornerstone of democratic governance,” he said, stressing that accurate reporting of monetary and financial policy decisions could influence expectations, confidence and behaviour across the economy.

The Governor announced the introduction of an internal recognition initiative, dubbed the Governor’s Economic and Financial Story of the Year, to encourage accurate and insightful reporting on economic matters and Bank of Ghana activities throughout 2026.