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Ghana’s ongoing disinflation trend is anchored by the combined strength of effective monetary policy, fiscal discipline, and a relatively stable exchange rate regime.
That’s according to Karen Kwarteng, Head of Global Market Sales at Stanbic Bank Ghana, who believes that these factors are collectively fortifying the country’s macroeconomic recovery efforts.
Speaking in an interview on CNBC Africa, Ms Kwarteng said the recent performance of the economy reflects the results of deliberate and coordinated policy interventions.
“Monetary policy effectiveness remains at the heart of Ghana’s disinflation journey. The Bank of Ghana has maintained a proactive stance by keeping policy tight to manage inflation expectations and restore investor confidence,” she explained.
She noted that Ghana’s inflation rate, which eased to 9.4% in September 2025, underscores the impact of these measures.
According to her, the central bank’s vigilance has been instrumental in gradually steering inflation toward its target range.
“We expect the central bank to sustain its cautious approach, with a view to anchoring inflation closer to the medium-term target of 8%. Maintaining this stability is essential as the economy continues to consolidate its gains,” she added.
Alongside monetary policy, fiscal discipline has also played a critical role. Ghana recorded a primary fiscal surplus, signalling improved management of public finances and a renewed commitment to prudent spending.
This development, Ms Kwarteng observed, reflects the government’s efforts to strengthen expenditure control while advancing key debt restructuring programs.
“Fiscal restraint has been a key driver of macroeconomic stability. By ensuring that spending aligns with available resources, the government is not only curbing inflationary pressures but also building confidence among investors and development partners,” she said.
The exchange rate environment has further reinforced this progress. The cedi has shown notable resilience, supported by growing external buffers and proactive market interventions by the Bank of Ghana. Foreign reserves have reportedly reached $12 billion, providing an additional cushion to manage short-term volatility.
Ms Kwarteng further noted that the outlook for the Ghanaian economy remains positive, particularly as the country transitions toward the next phase of its IMF-supported program.
She indicated that continued adherence to fiscal rules, coupled with well-timed monetary interventions, will be crucial in sustaining growth and keeping inflation on a downward path.
“Ghana’s economic resilience is evident. We are witnessing what happens when fiscal, monetary, and exchange rate policies move in harmony.”
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