Ghana’s new central bank governor, Johnson Asiama, has expressed concerns over the country’s inflation rate, which remains “uncomfortably high” at 23.1% as of February.
Although this represents a decline from the peak of over 54% in December 2022, it still exceeds the Bank of Ghana’s target range of 8% with a 2 percentage point margin of error.
Asiama emphasized the need for a balanced monetary policy to address the issue. Ghana’s finance minister, Cassiel Ato Forson, has predicted that steep spending cuts will help drive down inflation to 11.9% by the end of the year.
However, Asiama cautioned that global tariffs, geopolitical tensions, and weakening Chinese demand pose risks to Ghana’s economic recovery.
The Bank of Ghana’s Monetary Policy Committee is set to announce its next rate decision on March 28. Asiama has worked at the Bank of Ghana for over 23 years, serving as a second deputy governor from 2016-17.
