Global dynamics are expected to be favourable for the domestic economy – Governor Asiama

 

Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, has said that the global economy proved more resilient than expected in 2025. Growth was broadly supported by fiscal stimulus in some countries, rising real wages amid declining price pressures, and increasing Artificial Intelligence-related investments, especially in the US and Asia.

He said these factors are expected to continue to provide broader support to demand in the near-term. Against this backdrop, the IMF projects global growth to remain steady at 3.3 per cent in 2026.

Global headline inflation has gradually shifted towards central bank targets. This reflected a sustained drop in oil prices, lower food prices, declining underlying inflation, and anchored inflation expectations, Dr Asiama said.

“Based on these developments, global financing conditions have eased considerably in both advanced and emerging-market economies, supported by expectations of policy easing by central banks, increased risk appetite, and the depreciation of the US dollar.

“These global dynamics are expected to be favourable for the domestic economy going forward,” he said during the 128th Monetary Policy Committee press conference held in Accra on Wednesday, January 28.

On the domestic front, Dr Asuama said that growth recovery gained momentum in the year.

The latest data from the Ghana Statistical Service showed that overall Real Gross Domestic Product (GDP) expanded at an annual rate of 6.1 percent during the first three quarters of 2025, relative to 5.8 per cent during the corresponding period in 2024.

Similarly, he said, non-oil GDP grew by 7.5 percent from 5.8 percent over the same comparative period. The growth outturn was mainly driven by the services and agriculture sectors.