Speaking during the 127th Monetary Policy Committee (MPC) press briefing on Wednesday [Nov 26, 2025], the Governor of BoG, Dr Johnson Pandit Asiama outlined three areas the Committee was prioritising.

He said while the bank’s new foreign exchange operations framework has improved transparency and market functioning, staff highlighted the need to educate the public and diversify reserve assets to reduce dependence on gold holdings.

He noted that Ghana’s external buffers have strengthened, with gross reserves rising to US$11.41 billion, equivalent to 4.8 months of import cover.

The governor said the cedi’s performance in 2025 has been supported by improved confidence, operational reforms in the foreign exchange market, and steady trade and reserve inflows.

The decision for diversification reflects an internal assessment of the risks linked to high exposure to a single class of reserve assets.

Dr Asiama added that the broader macroeconomic outlook remains positive, with headline inflation at 8.0 per cent, core inflation between 5 and 7 per cent, and expectations anchored. Economic activity has strengthened, with GDP growth of 6.3 per cent in the first half of the year and non-oil GDP expanding by 7.8 per cent.

He said the MPC must carefully balance its next steps to protect the stability achieved so far. “Colleagues, Ghana’s macroeconomic path is stabilising, and the foundations for sustained growth are strengthening.

The task before us is to protect this stability while supporting the real sector’s recovery,” Dr Asiama said.

The Committee is expected to consider the reserve diversification strategy alongside two other issues: the pace of disinflation and real interest rate trends, and the ongoing stability of the financial sector.

Dr Asiama said the MPC’s decisions must reinforce confidence, signal predictability, and keep the economy on track toward higher, job-rich growth.