Ghana must maintain strict fiscal discipline to preserve its recent economic achievements, according to Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG). He emphasized the critical need for the government to control spending and increase revenue collection. These actions are essential to support the national economy.
Dr. Asiama stated that prudent debt management and fiscal discipline are vital. They will ensure the country's debt remains manageable and boost confidence among investors. These measures also reduce financial risks to Ghana's overall economic outlook.
The Governor made these remarks during a meeting with managing directors and heads of commercial banks in Accra. He noted that the government's financial performance in the first quarter of 2026 provided a strong foundation for macroeconomic stability. This performance showed significant control over spending, despite some shortfalls in revenue collection. This resulted in better-than-expected cash balances.
Ghana's external financial position has also improved significantly. Gross international reserves reached 12.9 billion US dollars by the end of June 2026. This amount is enough to cover 5.0 months of imports. This strong reserve position provides a buffer against external economic shocks.
Despite recent pressures on the country's reserves and global events, the economy continues to perform robustly. Real Gross Domestic Product (GDP) grew by 6.4% in the first quarter of 2026. This compares favorably to the 6.2% growth recorded in the same period of 2025. The services and industrial sectors were the primary drivers of this economic expansion.
The Bank of Ghana's Composite Index of Economic Activity also indicates sustained and widespread momentum in economic activity. This index tracks various economic indicators to provide a broad picture of the economy's health. Its positive trend confirms the ongoing strength of Ghana's economic recovery.
Dr. Asiama also expressed concerns about the persistent issuance of dud cheques. These are cheques that cannot be paid because the account has insufficient funds. He noted a high level of non-compliance with banking regulations regarding cheques. He urged commercial banks to improve their monitoring systems and engage more with customers. This will help promote confidence in using cheques as a payment method.
The Governor further revealed that the Bank of Ghana has intensified its efforts against unlicensed digital lending activities. The central bank has started publishing weekly lists of entities offering digital credit services without proper authorization. This initiative aims to protect consumers and maintain order in the financial sector.
Relevant law enforcement and regulatory agencies are also taking further action. They are working to remove non-compliant operators from the market. This coordinated effort ensures that all financial service providers operate within legal frameworks. The central bank will continue to foster a regulatory environment that supports a healthy banking sector. This commitment aims to ensure a sound, resilient, and growth-oriented financial system for Ghana.