Ghana’s economy grows 6% in Q2 amid new IMF policy phase – BoG Governor

Ghana’s economy grew by 6.0% in the second quarter of 2026, providing a positive backdrop as the country begins a new phase of engagement with the International Monetary Fund.

According to Bank of Ghana Governor Dr. Johnson Pandit Asiama, the growth was driven largely by the services and ICT sectors.

“Real GDP grew by 6.0 percent in the second quarter, led by services and ICT,” Dr. Asiama said in his opening remarks at the 132nd Monetary Policy Committee meeting.

He said domestic macroeconomic conditions remained “stable and broadly positive”, with inflation at 5.0% in August and exchange-rate stability helping to contain imported inflation.

The Governor also pointed to improvements in Ghana’s fiscal position, saying the primary surplus was above target, public debt stood at 45% of GDP and all three major rating agencies had upgraded the country.

Debt-distress risk has also been reassessed from high to moderate, while the banking sector remains sound, liquid and profitable, according to the Governor.

The positive domestic picture comes as Ghana enters a new phase under the IMF’s 36-month Policy Coordination Instrument (PCI), approved by the IMF Executive Board on July 27, 2026.

Dr. Asiama said the PCI marks Ghana’s transition from crisis stabilisation to consolidation.

“This is a policy signalling instrument, and the markets will watch the behaviour of monetary and fiscal policy for credibility,” he said.

He stressed the need for the same policy discipline that characterised Ghana’s previous engagement under the IMF’s Extended Credit Facility.

“We need to show the same discipline in conducting monetary policy as we did with the ECF,” he said.

The first review under the new PCI is expected in October, which the Governor said would bring additional accountability demands.

Despite the stronger domestic indicators, the Bank remains cautious about Ghana’s external position. Gross international reserves have fallen to US$11.07 billion, while the current account is projected to record a deficit in the third quarter.

The MPC is therefore assessing whether the current 14% policy rate remains an appropriate anchor for inflation expectations amid the competing domestic and external pressures.