BoG Governor rules out immediate cut in Ghana’s inflation target

Dr Johnson Asiama, Governor of the Bank of Ghana (BoG), has stated that he does not plan to immediately lower Ghana's inflation target. This decision comes following recent improvements in price stability, with inflation currently below the lower limit of the Bank's medium-term target range. The cedi has also shown increased strength.

Speaking at the 2026 CEOs Connect event, Dr Asiama addressed investor concerns about the inflation target. They had proposed narrowing the target range from the current 6–10% to around 4–6%. However, the Governor cautioned that geopolitical and external risks, such as the ongoing situation in Iran, made an immediate adjustment premature.

Despite this, he remains optimistic about maintaining low inflation in the medium term. The Bank's primary focus now is to solidify Ghana's recent macroeconomic improvements, rather than altering the inflation benchmark too soon. Dr Asiama attributed the cedi's recent resilience to stronger foreign exchange reserves, improved fiscal policies, and a well-calibrated monetary policy.

The ultimate goal is to turn these macroeconomic gains into increased investment, private sector growth, higher exports, and job creation.