By Issah Olegor
The Bank of Ghana has reaffirmed its commitment to sustained engagement with the private sector as a critical pillar of effective economic governance, during a high-level interaction with the UK-Ghana Chamber of Commerce (UKGCC) at Bank Square in Accra.
Delivering opening remarks at the engagement on Monday, February 23, 2026, Governor Dr. Johnson Pandit Asiama described the UKGCC as a strategic bridge between the Ghanaian and UK economies, commending the Chamber for nearly a decade of strengthening commercial relations, investor confidence, and cross-border business partnerships between the two countries.
He noted that the dialogue reflected the deep trust and mutual respect not only between Ghana and the United Kingdom but also between the central bank and the business community, stressing that such platforms are essential for building transparency, cooperation, and shared understanding between policymakers and market actors.
Dr. Asiama emphasised that businesses are not passive recipients of monetary policy but active contributors to economic outcomes, making stakeholder engagement vital for effective policy formulation and implementation.
He said the Bank of Ghana considers continuous dialogue with the private sector as an essential input into evidence-based policymaking, ensuring that regulations respond to real market conditions.
A key focus of the engagement was the Bank’s guidelines and directives issued under the Foreign Exchange Act, 2006 (Act 723). The Governor explained that the directives are aimed at streamlining foreign exchange market operations, improving transparency and compliance, strengthening market discipline, and reinforcing macroeconomic stability, while also recognising the need for pragmatic implementation that supports legitimate business activity.
He stated that the meeting was intended to clarify the intent and application of the foreign exchange guidelines, receive feedback from UKGCC members on potential challenges and opportunities, and explore collaborative approaches to ensure smooth and effective implementation.
According to Dr. Asiama, the foreign exchange directives form part of a broader policy framework, which—together with tight monetary policy and prudent fiscal management—has contributed significantly to macroeconomic stabilisation over the past year.
He cited sharp improvements in key economic indicators, including declining inflation, improved business and consumer confidence, easing financial conditions, falling lending rates, and a gradual recovery in private sector credit.
He noted that inflation had fallen from 23.8 percent in December 2024 to 3.8 percent in January 2026, describing this as evidence of the effectiveness of coordinated macroeconomic policies in restoring stability and strengthening the domestic currency.
The Governor assured the business community that the Bank of Ghana remains committed to consolidating these gains through disciplined monetary policy, sustained regulatory reforms, and long-term structural measures to strengthen financial sector resilience and improve external buffers.
