Fiscal discipline key to sustaining Ghana’s economic gains – BoG Governor

Bank of Ghana Governor Dr Johnson Asiama has emphasized the importance of continued fiscal discipline in maintaining Ghana's recent economic progress. He stressed the need for government to exercise expenditure restraint and generate sufficient revenue to bolster the economy. Dr Asiama also highlighted prudent debt management and fiscal discipline as essential factors in sustaining debt levels and boosting investor confidence. He made these remarks during a meeting with bank executives at Bank Square in Accra.

Dr Asiama pointed out that the government's fiscal performance in the first quarter of 2026 had provided a crucial foundation for macroeconomic stability. Despite revenue shortfalls, the performance showed strong expenditure restraint, leading to improved cash balances. He also noted the growth of the economy, with real GDP increasing by 6.4% in the first quarter of 2026, driven largely by the services and industrial sectors.

The Governor also highlighted improvements in Ghana's external position, with gross international reserves reaching $12.9 billion at the end of June 2026, equivalent to five months of import cover. He expressed confidence in the economy's performance, despite recent pressures and developments in the Middle East.

Dr Asiama raised concerns about the continued issuance of dud cheques, urging commercial banks to strengthen their monitoring mechanisms and promote confidence in the use of cheques as a payment instrument. He also disclosed that the Bank of Ghana had intensified efforts to address unlicensed digital lending activities, beginning to publish weekly lists of entities providing such services without proper approval.

The central bank remains committed to creating a regulatory and policy environment that fosters a sound, resilient, and growth-oriented banking sector, according to Dr Asiama.