Bank of Ghana outlines post IMF stability agenda with reserve buildup and bank NPL targets

In a keynote address at The Money Summit 2026, the Bank of Ghana set out how it plans to preserve recent macroeconomic stabilization as Ghana nears the end of its International Monetary Fund Extended Credit Facility programme and shifts to a non-financing Policy Coordination Instrument. The speech framed the recent improvement in inflation, interest rates, reserves and external balances as substantial but still vulnerable to shocks, and stressed that future credibility will depend on maintaining policy discipline without IMF disbursements. The Bank linked that strategy to a set of operational commitments. It said it will keep using its policy tools to safeguard price stability, continue building reserves to a durable floor of six months of import cover, and advance the Ghana Gold Reserve Accumulation Programme toward a medium-term target of 15 months of import cover. It also said it will preserve an orderly foreign exchange market through transparent, rules-based intervention, continue work with banks on post-Domestic Debt Exchange recapitalisation, and target a reduction in non-performing loans to 15 percent by end-2026 and 10 percent by 2027. In parallel, it said it is coordinating a financial sector agenda to channel long-term domestic savings, including pensions, capital market funds and remittances, into productive investment, while noting that private-sector credit remains well under 10 percent of gross domestic product.