New BoG Governor commits to transparency in first monetary policy decision

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has vowed to enhance transparency in the central bank’s decision-making process as the 123rd Monetary Policy Committee (MPC) meeting commences.

Addressing concerns that MPC decisions are made behind closed doors, Dr. Asiama proposed publishing voting outcomes and simplifying policy statements to make monetary decisions more accessible to businesses and the public.

“There’s a growing sense in public commentary that MPC decisions are taken behind closed doors without clear, data-driven reasoning. To counter this, I am proposing that we implement mechanisms to make the Committee’s decision factors more accessible—whether through publishing voting outcomes or enhancing the narrative content of our policy statements.

“Similarly, we need to work on simplifying the way we present forecasts so the public and market participants can better understand the underlying policy story. These changes, in my view, will strengthen our credibility and deepen trust in the policy framework,” he said.

Beyond transparency, the Governor reaffirmed the BoG’s commitment to price stability, noting that while inflation is easing, it remains uncomfortably high at over 23%, with slow month-on-month progress.

Persistent structural drivers of food inflation continue to exert pressure, making inflation control a priority.

Dr. Asiama also warned of external risks that could impact Ghana’s inflation outlook, including, a possible escalation in global tariff wars, rising geopolitical tensions and weakening hinese demand, which could affect trade and capital flows.

On the domestic front, the Governor acknowledged that Ghana’s fiscal deficit exceeded program targets in 2024, though early 2025 has shown some signs of consolidation.

However, concerns remain over whether current measures are sufficient to meet IMF program reviews.