Ghana’s central bank is pointing to one of its strongest performances in recent memory. But as the Bank of Ghana touts a dramatic inflation turnaround, scrutiny is mounting over a quiet decision to restructure the country’s gold reserves.
A Sharp Inflation Decline
Addressing Parliament on March 9, 2026, Bank of Ghana Governor Dr. Johnson Pandit Asiama outlined the impact of GH¢17 billion in liquidity management measures implemented throughout 2025. The results, he said, speak for themselves: inflation fell from 23.8% in December 2024 to 3.3% in February 2026 — one of the steepest declines Ghana has recorded in recent history.
Beyond inflation, the measures helped stabilize the cedi, strengthen external buffers, and build international reserves to $13.8 billion. The Governor described monetary policy as firmly data-driven, with the central bank focused on sustaining macroeconomic confidence while guarding against global risks — including commodity price pressures and potential inflation spillovers from geopolitical tensions such as those surrounding Iran.
Growth projections for 2026 stand at approximately 4.8%, and while the Governor characterized the recovery as fragile, the direction, he insisted, is clearly positive.
The Gold Reserves Controversy
Not everyone is convinced the full picture is being shared. Around March 10, Governor Asiama moved to address growing controversy over a late-2025 decision to rebalance the central bank’s gold holdings, insisting the move was not a divestiture of national assets but a routine restructuring aimed at achieving a more diversified international reserve portfolio. Gold, he stressed, remains part of Ghana’s reserves — only the composition changed.
That explanation has not satisfied everyone. Policy think tank Africa Policy Lens filed a Right to Information request on March 10 and 11, seeking full disclosure on the quantities involved, the pricing — reported at between US$3,900 and $4,200 per ounce — the identity of buyers, and how proceeds were used. The group held a press conference questioning both the rationale for the move and the central bank’s plans to rebuild reserve levels going forward.
What Comes Next on Interest Rates
The current Monetary Policy Rate sits at 15.50%, following a 250 basis point cut in January 2026 — the lowest the rate has been in years. The next Monetary Policy Committee meeting is scheduled for March 16 to 18, with a decision expected on March 18.
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Analysts are pricing in a reasonable probability of another rate cut, citing the continued disinflation trend. However, the outcome will hinge on several variables: exchange rate stability, progress on fiscal consolidation, external capital flows, and any fresh shocks from global commodity markets. The Bank of Ghana has signaled its intention to maintain conditions that are tight enough to protect inflation gains while remaining supportive enough to allow real-sector growth to take hold.
Separately, Ghanaian banks are pursuing asset recovery actions of their own — including an auction linked to Produce Buying Company over a GH¢300 million debt following a March 10 court ruling — though these proceedings are independent of the central bank’s policy operations.
For now, Ghana’s economic trajectory appears cautiously positive. The stabilization gains are real. Whether they hold — and whether the central bank’s transparency on gold reserves satisfies its critics — remains to be seen.