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The Bank of Ghana (BoG) has enough dollars to support the economy, the Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has stated.
He said the economy was strong and the external sector was positive, and the Bank had enough forex to support imports.
Dr Asiama, who stated this at a press conference in Accra on Wednesday after the 125th regular meeting of the Monetary Policy Committee (MPC) of the BoG, said the BoG was supporting the market with forex from sales of gold by the small-scale mining sector.
In response to questions regarding complaints from certain importers about their inability to obtain dollars from banks, he stated that some importers who failed to secure dollars encountered issues with their documentation.
At the meeting, the MPC, by a majority decision, reduced the policy rate by 300 basis points from 28 per cent to 25 per cent, citing significant improvements in key macroeconomic indicators, including inflation, fiscal consolidation, and external reserves.
That, according to Dr Asiama, was the biggest since the establishment of the MPC.
Held from Monday, July 28, 2025, the meeting reviewed recent global and domestic economic developments.
Dr Asiama said that since the previous MPC meeting in May, global economic growth prospects had weakened, with the International Monetary Fund (IMF) projecting a slowdown in global growth to 3.0 per cent in 2025 from 3.3 per cent in 2024.
Despite these global headwinds, he said the MPC noted that Ghana’s domestic macroeconomic environment had continued to strengthen, supported by prudent fiscal and monetary policies.
He said economic growth in the first quarter of 2025 was recorded at 5.3 per cent, up from 4.9 per cent in the same period last year, with the non-oil sector expanding by 6.8 per cent.
He said the agriculture and services sectors were the primary drivers of this growth.
Dr Asiama noted that evidence of recovery was seen in the Composite Index of Economic Activity, which rose by 4.4 per cent year-on-year in May 2025, compared to 3.4 in May 2024.
“Key contributing sectors included international trade, consumption, construction and tourism,” he stated.
Dr Asiama said inflation, a key consideration for monetary policy, had also seen significant declines.
The headline inflation rate dropped to 13.7 per cent in June 2025 from 18.4 per cent in May, the lowest rate since December 2021 and core inflation, which excludes energy and utility costs, also fell considerably.
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