In remarks at the University of Ghana’s Annual New Year School and Conference, the Governor of the Bank of Ghana reviewed 2025 measures aimed at restoring monetary and financial stability and outlined a 2026 agenda to consolidate reforms. He reported inflation easing from above 23 percent into single digits and gross international reserves rising to USD 13.8 billion, equivalent to about 5.7 months of import cover, alongside more stable foreign exchange conditions. The speech highlighted operational reforms including strengthened liquidity management and policy signalling, reinforced foreign exchange market discipline, redirection of mining sector foreign exchange inflows through commercial banks, recalibration of Net Open Position limits, and a new foreign exchange operations framework aligned with best practices and supported by enhanced market surveillance. In banking supervision, the Bank tightened prudential oversight of capital and liquidity, strengthened governance expectations, and advanced crisis-management arrangements by upgrading the resolution function into a Resolution and Restructuring Department, clarifying recovery and resolution planning expectations, and progressing work to strengthen the regime under Act 930. On financial infrastructure, the Bank referenced new guidelines for digital credit providers, corporate governance standards for payment service providers and electronic money issuers, reforms to the inward remittance framework, and the passage of the Virtual Asset Service Providers Act designating the Bank of Ghana and the Securities and Exchange Commission as joint regulators. Transparency steps included publishing individual Monetary Policy Committee votes and clearer majority outcomes. On GoldBod and the Domestic Gold Purchase Programme, the Governor noted that the Bank had borne financial costs associated with the programme and that several changes were made in 2025, including cancellation of the G4O and refinement of aspects of the G4R, alongside tighter governance, transparency and risk management in artisanal and small-scale gold trading, payment-before-release and ring-fencing of offtake proceeds, and adjustments to pricing parameters such as discounts and fees. For 2026, the Bank signalled that the G4R programme should be anchored more firmly within the broader Government of Ghana framework with shared responsibility, and that it intends to convene a policy workshop with GoldBod and the Ministry of Finance to examine further refinements.

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