CIB Ghana Post-MPC policy seminar urges action to turn macroeconomic stability into jobs and growth

Bankers, policy experts, and industry leaders have urged deliberate steps to convert Ghana’s hard-won macroeconomic stability into tangible growth, job creation, and productivity gains, warning that stability alone is not enough to shield the economy from global shocks. The call came at the Chartered Institute of Bankers Ghana’s (CIB Ghana’s) Post-MPC Policy Seminar, held under the theme ‘Balancing Stability and Growth: Interest Rates Impact in Geopolitical Shocks.’ At the institute’s auditorium.

CIB Ghana Vice President, Togbe Asiama Krakani V, FCIB, welcomed participants, highlighting the Institute’s role as the talent and leadership engine for the banking sector. Noting that this was the second Post-MPC seminar, he said the forum provides a platform to discuss how macroeconomic gains can be consolidated and leveraged to support sustainable growth.

The seminar brought together representatives from the Bank of Ghana (BoG), the Ministry of Finance, the Association of Ghana Industries (AGI), the Ghana Union of Traders’ Associations (GUTA), key banking institutions and students.

CIB Ghana Pre-MPC survey findings

Chief Executive Officer of CIB Ghana, Mr. Robert Dzato, FCIB presented insights from a survey conducted across the banking sector, engaging Head of Banks, heads of treasury, credit risk officers, and other senior executives.

The survey showed confidence in Ghana’s macroeconomic environment, with about 72 percent of respondents expressing high confidence in economic stability and 89 percent anticipating improved lending appetite over the next quarter. The survey revealed broad alignment between the BoG’s policy rates and lending rates, although some segments, particularly savings and loans, face high real interest rates and restrictive funding conditions.

Banks also noted opportunities in digital assets and cryptocurrency, while maintaining cautious risk management practices. “Our findings indicate that stability is being effectively transmitted into lending, but there is scope for further easing to support the real sector,” Mr. Dzato said.

Stabilization to inclusive growth

The Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama in a speech read on his behalf by Dr. Philip Abradu-Otoo, Director of Research, emphasised that the central bank’s focus in 2026 is shifting from macroeconomic stabilization to durable, inclusive growth. The recent cut in the policy rate to 14 percent from 15.5 percent aims to lower borrowing costs, expand credit access for Small and Medium-sized Enterprises (SMEs) and traders and enhance the effectiveness of monetary policy.

Dr. Abradu-Otoo noted the country’s remarkable macroeconomic turnaround, citing headline inflation of 3.3 percent in February 2026, relative stability of the cedi and gross international reserves. He said that these gains provide a platform for inclusive growth and reinforced the need for policy coherence and regulatory support to strengthen the banking sector as a driver of economic transformation.

Panel discuss linking stability to real sector growth.

Policy experts and industry leaders highlighted the need to ensure that macroeconomic stability translates into tangible economic outcomes in a panel discussion.

Dr. Theo Acheampong, Technical Advisor to the Minister of Finance, said Ghana must shift focus from stabilization alone to growth that creates jobs and strengthens productivity. He noted structural weaknesses, particularly vulnerability to external shocks, and stressed long-term transformation in agriculture and manufacturing to build resilience and reduce import dependence. On employment, he emphasised the role of the private sector in job creation, with government providing an enabling environment.

Mr Eric Defor representing the President of Association of Ghana Industries (AGI), called for targeted interventions, including a dedicated industrialization fund, warning that commercial banks alone cannot provide long-term financing for manufacturers. He urged a balanced approach to fiscal and monetary policy that prioritizes production, exports, and sustainable growth.

Head of Emerging Affluent of Standard Chartered Bank, Harriet Osei-Mensah Owusu, ACIB, highlighted stricter underwriting and deeper client engagement, stressing trust and ethical conduct as key to loan performance.

President of the Ghana Union of Traders’ Associations (GUTA), Clement Boateng clarified that declining inflation does not automatically reduce prices but slows the pace of increases. He flagged challenges arising from the deployment of an AI-based system at ports for calculating duties and taxes, calling for greater stakeholder engagement to review the system.

The seminar ended with participants underscoring that macroeconomic stability is a foundation, not an endpoint. They came to a consensus that coordinated fiscal and monetary policies, structural reforms, industrial financing mechanisms and private-sector-led employment initiatives are critical to converting stability into sustained growth and inclusive development.