Accra, March 25, 2026 – Bank of Ghana Governor Dr. Johnson Asiama highlighted a recent spike in global oil prices as a fresh trigger for inflation worries, potentially forcing central banks to rethink their policies.
Speaking at the 129th Monetary Policy Committee press conference in Accra, Dr. Asiama noted that while global headline inflation has trended downward overall, escalating geopolitical conflict has upended supply chains. This has fueled crude oil volatility, sparked financial stability risks, and amplified worldwide uncertainty. As a result, accommodative global financing conditions may tighten soon.
“Depending on the conflict’s intensity and duration, these factors could dampen the global economic outlook,” he cautioned.
Shifting to Ghana’s economy, Dr. Asiama pointed to provisional Ghana Statistical Service data showing real GDP growth of 6% in 2025, up from 5.8% in 2024. Non-oil GDP surged to 7.6% from 6.1%, propelled by robust services and agriculture sectors.
The Bank’s high-frequency indicators signal continued momentum. The real Composite Index of Economic Activity grew 8.4% year-on-year in January 2026, versus 6% a year earlier. Key drivers included rising bank credit to the private sector, stronger industrial production, brisk international trade, and heightened household and firm consumption.
February 2026 confidence surveys reinforced the optimism: consumer sentiment rose due to easing inflation and brighter economic prospects, while businesses reported hitting operational goals amid improving macro conditions and industry outlooks.
Story by: Mercy Addai Turkson#ahotorfmonline.com