Ghana’s current account surplus has recorded a significant improvement in the first quarter of 2026, exceeding the same period in 2025 by US$652 million, according to the Governor of the Bank of Ghana, Dr. Johnson Asiama.

He explained that the development is a sign of gradual economic and structural changes taking place within the country’s economy. He made these remarks at the opening of the Monetary Policy Committee (MPC) meeting held on May 18, 2026, at Bank Square.

Dr. Asiama also pointed to recent progress in Ghana’s debt market, noting that the successful return of domestic treasury bond issuance earlier in the year reflects renewed investor confidence. He added that government was able to issue a 7-year bond and is now working to extend the maturity period of its existing government of Ghana instruments. According to him, these steps are part of efforts to strengthen long-term debt management.

During the meeting, the Governor highlighted several risks that could affect Ghana’s economic outlook. One of the key concerns is the ongoing conflict in the Middle East and rising global energy prices. He warned that combined with domestic energy supply challenges and external cost pressures, these factors could push inflation expectations higher if not properly managed.

He also raised concerns about fiscal risks and vulnerabilities in the current account and foreign reserves, noting that these issues will be central to discussions during the MPC meeting.

Another point of concern, he said, is whether Ghana’s current monetary policy transmission mechanism is working effectively enough to influence lending rates and support credit growth in the economy. He suggested that if results remain weak, additional policy measures may be needed to improve effectiveness.

Dr. Asiama further discussed Ghana’s engagement with a Policy Coordination Instrument (PCI), describing it as a credible step in strengthening the country’s relationship with the international financial system. He explained that the PCI allows Ghana to maintain the benefits of international policy support while taking greater ownership of its reform agenda and reducing dependence on IMF financing.

He added that the framework will include improvements in monetary policy design, liquidity forecasting, and the transmission mechanism. It will also address challenges in foreign exchange operations and reserve management as part of broader reforms under consideration.

Overall, the Governor emphasized that Ghana’s economic system continues to evolve, but careful policy coordination will be needed to manage risks and sustain recent gains in stability.