Bankers, policy experts and industry leaders have urged deliberate steps to convert Ghana’s hard-won macroeconomic stability into tangible growth, job creation and productivity gains, warning that stability alone is not enough to shield the economy from global shocks. The call came at Chartered Institute of Bankers Ghana’s (CIB Ghana’s) Post-MPC Policy Seminar, held under the theme ‘Balancing Stability and Growth: Interest Rates Impact in Geopolitical Shocks.’ At the institute’s auditorium.
CIB
Ghana Vice President, Togbe Asiama Krakani V, FCIB welcomed participants,
highlighting the Institute’s role as the talent and leadership engine for the
banking sector. Noting that this was the second Post-MPC seminar, he said the
forum provides a platform to discuss how macroeconomic gains can be
consolidated and leveraged to support sustainable growth.
The
seminar brought together representatives from the Bank of Ghana (BoG), Ministry
of Finance, the Association of Ghana Industries (AGI), Ghana Union of Traders’
Associations (GUTA), key banking institutions and students.
CIB
Ghana Pre-MPC survey findings
Chief
Executive Officer of CIB Ghana, Mr. Robert Dzato, FCIB presented insights from
a survey conducted across the banking sector, engaging Head of Banks, heads of
treasury, credit risk officers, and other senior executives.
The
survey showed confidence in Ghana’s macroeconomic environment, with about 72
percent of respondents expressing high confidence in economic stability and 89
percent anticipating improved lending appetite over the next quarter. The
survey revealed broad alignment between the BoG’s policy rates and lending
rates, although some segments, particularly savings and loans, face high real
interest rates and restrictive funding conditions.
Banks
also noted opportunities in digital assets and cryptocurrency, while
maintaining cautious risk management practices. “Our findings indicate that
stability is being effectively transmitted into lending, but there is scope for
further easing to support the real sector,” Mr. Dzato said.
Stabilization
to inclusive growth
The
Governor of the Bank of Ghana, Dr.
Johnson Pandit Asiama in a speech read on his behalf by Dr. Philip Abradu-Otoo,
Director of Research, emphasised that the central bank’s focus in 2026 is
shifting from macroeconomic stabilization to durable, inclusive growth. The
recent cut in the policy rate to 14 percent from 15.5 percent aims to lower
borrowing costs, expand credit access for Small and Medium-sized Enterprises
(SMEs) and traders and enhance the effectiveness of monetary policy.
Dr.
Abradu-Otoo noted the country’s remarkable macroeconomic turnaround, citing
headline inflation of 3.3 percent in February 2026, relative stability of the
cedi and gross international reserves. He said that these gains provide a
platform for inclusive growth and reinforced the need for policy coherence and
regulatory support to strengthen the banking sector as a driver of economic
transformation.
Panel
discuss linking stability to real sector growth.
Policy
experts and industry leaders highlighted the need to ensure that macroeconomic
stability translates into tangible economic outcomes in a panel discussion.
Dr.
Theo Acheampong, Technical Advisor to the Minister of Finance, said Ghana must
shift focus from stabilization alone to growth that creates jobs and
strengthens productivity. He noted structural weaknesses, particularly
vulnerability to external shocks, and stressed long-term transformation in
agriculture and manufacturing to build resilience and reduce import dependence.
On employment, he emphasised the role of the private sector in job creation,
with government providing an enabling environment.
Mr
Eric Defor representing the President of Association of Ghana Industries (AGI),
called for targeted interventions, including a dedicated industrialization
fund, warning that commercial banks alone cannot provide long-term financing
for manufacturers. He urged a balanced approach to fiscal and monetary policy
that prioritizes production, exports, and sustainable growth.
Head
of Emerging Affluent of Standard Chartered Bank, Harriet Osei-Mensah Owusu,
ACIB, highlighted stricter underwriting and deeper client engagement, stressing
trust and ethical conduct as key to loan performance.
President
of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng clarified
that declining inflation does not automatically reduce prices but slows the
pace of increases. He flagged challenges arising from the deployment of an
AI-based system at ports for calculating duties and taxes, calling for greater
stakeholder engagement to review the system.
The
seminar ended with participants underscoring that macroeconomic stability is a
foundation, not an endpoint. They came to a consensus that coordinated fiscal
and monetary policies, structural reforms, industrial financing mechanisms and
private-sector-led employment initiatives are critical to converting stability
into sustained growth and inclusive development.
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