Bank of Ghana Governor Johnson Pandit Asiama reviewed the central bank’s recent modernization of monetary policy formulation and implementation, covering decision-making, communications, market operations, data analysis, legal safeguards and forecasting. He framed the reforms as measures to strengthen policy transmission, transparency and forward-looking inflation management amid repeated global shocks and an increasingly digital financial system. Since March 2025, the Monetary Policy Committee has moved from consensus-based decisions to majority voting and publishes each member’s decision statement. The bank has also reinstated the 14-day bill as its main open market operations instrument, introduced a rules-based foreign exchange operations framework, developed a near-real-time electronic inflation measure and upgraded its Quarterly Projection Model. Amendments to the Bank of Ghana Act have reinforced central bank independence, formalized the committee’s mandate and decision processes, and tightened limits on monetary financing of the budget.
2026-08-17Bank of Ghana
Bank of Ghana governor reviews monetary policy modernization reforms, including majority voting and new implementation tools
Bank of Ghana Governor Johnson Pandit Asiama reviewed reforms to strengthen monetary policy transparency, analysis and transmission. These include majority voting and individual statements for policy committee members, the return of the 14-day bill as the main open market operations instrument, a rules-based foreign exchange framework, enhanced inflation data and forecasting, and stronger legal safeguards.