An International Monetary Fund (IMF) technical report has revealed that the Bank of Ghana (BoG presently does not have a formal macroprudential policy strategy in place.

According to the report released in April 2026, the objectives of macroprudential policy do not appear well defined in institutional documents and publications, with limited coverage of macroprudential policy in the Financial Stability Report (FSR) or on BoG’s official website.

Macroprudential policy decisions are embedded within the monetary policy process, with some decisions taken by the Monetary Policy Committee (MPC).

The report also said there is no separate financial stability committee currently with a regular focus on systemic risks.

However, the financial policies to contain the impact of COVID-19 and the Domestic Debt Exchange Programme were announced by the Governor and the MPC.

It stated that the Monetary Policy Committee (MPC) focuses primarily on monetary policy settings and objectives, without explicit financial stability objectives.

“Staff from the FSD and the Research Department present reports on financial stability and macroprudential risk assessments at MPC’s bi-monthly meetings, but macroprudential decisions are taken only exceptionally”, it added.

Again, the report pointed out that macroprudential tools are not clearly defined in institutional documents, but stated that macroprudential tools could also be used for monetary policy purposes under exceptional circumstances.

As noted on BoG monetary policy framework website, the report alluded that the MPC may announce additional measures that “involve the utilisation of other monetary policy tools at the disposal of the Central Bank, such as moral suasion and macroprudential measures.”

Going forward, it said the BoG’s macroprudential mandate could be further strengthened by specifying the functions that support the implementation of its financial stability objective.

"While the BoG’s current broad legal powers may suffice to activate certain macroprudential measures, implementing macroprudential policy in a more systematic and comprehensive manner over deposit-taking institutions under its supervision would benefit from more explicit legal provisions", it explained.

The mission also recommended the adoption and publishing a macroprudential strategy document to
guide the conduct of macroprudential policy. "At a minimum, this strategy should clearly define financial
stability, systemic risk, and macroprudential policy."

It advised the Bank of Ghana to articulate intermediate objectives and list available macroprudential tools, allowing flexibility for future additions.