Accra, August 13, 2026 – Bank of Ghana (BoG) Governor Dr Johnson Asiama has issued a strong caution that sustained fiscal discipline remains the linchpin for preserving the country’s hard-won economic stabilisation gains, urging the government to resist any temptation to loosen expenditure controls despite improving macroeconomic indicators.
Speaking at a high-level engagement with Managing Directors and heads of commercial banks at the Bank Square in Accra, Dr Asiama underscored that the progress made over the past year could be easily reversed without prudent fiscal management and debt sustainability strategies.
“Prudent debt management and fiscal discipline will be critical to preserving debt sustainability, strengthening investor confidence, and reducing fiscal risks to the macroeconomic outlook,” he told the assembled banking executives.
First Quarter Fiscal Performance Provides Anchor
The Governor revealed that Ghana’s fiscal performance during the first quarter of 2026 had provided a crucial anchor for the broader macroeconomic stabilisation effort. According to Dr Asiama, the period was marked by “strong expenditure restraint” despite revenue shortfalls, which nonetheless resulted in better-than-targeted balances on a cash basis.
This performance is particularly significant as Ghana continues to navigate the post-IMF programme era, with fiscal consolidation remaining a key condition for sustained international financial support. The government has been under pressure to balance social spending needs with the imperative of reducing the fiscal deficit and containing public debt.
Reserves Hit US$12.9 Billion
The Governor highlighted notable improvements in Ghana’s external position, announcing that gross international reserves had reached US$12.9 billion by the end of June 2026. This figure represents approximately 5.0 months of import cover, a level that exceeds the traditional benchmark of three months and provides a substantial buffer against external shocks.
However, Dr Asiama acknowledged that the reserves had come under pressure in recent weeks, partly due to developments in the Middle East and global commodity market volatility. Despite these headwinds, he expressed confidence in the resilience of the Ghanaian economy.
Economy Shows Robust Growth
Dr Asiama pointed to strong economic performance, with Real GDP growing by 6.4% in the first quarter of 2026, up from 6.2% during the same period in 2025. The growth momentum, he explained, was largely driven by the services and industrial sectors, signalling a broadening of economic activity beyond traditional extractive industries.
“The Bank’s Composite Index of Economic Activity also points to sustained and broad-based momentum in economic activity,” he added, providing further evidence that the recovery is gaining depth and breadth.
Banking Sector Oversight and Digital Lending Crackdown
Beyond macroeconomic issues, the Governor addressed specific concerns within the financial services sector. He expressed alarm at the continued issuance of dud cheques, noting that the Bank of Ghana had observed persistently high levels of non-compliance with cheque-related regulations.
Dr Asiama urged commercial banks to strengthen their monitoring mechanisms, intensify customer engagement, and promote confidence in the use of cheques as a reliable payment instrument. The issue of dud cheques has long been a source of friction in commercial transactions and poses reputational risks to the banking system.
In a significant regulatory development, the Governor disclosed that the central bank had intensified its crackdown on unlicensed digital lending activities. He revealed that the BoG had begun publishing weekly lists of entities providing digital credit services without the requisite regulatory approval.
“Relevant law enforcement and regulatory agencies are also taking further action to facilitate the removal of non-compliant operators from the market,” he stated, signalling a more aggressive stance against rogue fintech players that have raised concerns about predatory lending practices and data privacy violations.
Commitment to Supportive Regulatory Environment
Reaffirming the central bank’s mandate, Dr Asiama pledged that the Bank of Ghana would continue to create a regulatory and policy environment conducive to a sound, resilient, and growth-oriented banking sector.
“Bank of Ghana, for its part, will continue to provide the regulatory and policy environment necessary to support a sound, resilient, and growth-oriented banking sector,” he said.
The engagement with commercial bank leaders comes at a critical juncture as Ghana seeks to consolidate its economic recovery while navigating global uncertainties, including elevated oil prices, currency volatility, and shifting monetary policies in advanced economies.
