Ghana inflation remains under control despite rise in living costs – BoG governor

Ghana’s central bank governor says inflation remains under control despite a recent rise, as concerns over the cost of living continue to weigh on households and businesses.

Bank of Ghana Governor Dr Johnson Pandit Asiama said inflation rose from 3.7% in May to 5.3% in June, but remained below the central bank’s target range.

He attributed the increase largely to higher transport costs following a rise in global crude oil prices.

“We believe this is temporary, and we will continue to monitor developments closely to ensure that inflation remains under control,” he said at a meeting with stakeholders in Sunyani.

Dr Asiama said low and stable inflation was important because it helped households manage their budgets, gave businesses greater certainty and encouraged investment.

Economy continues to grow

The governor also said Ghana’s economy continued to expand, with growth reaching 6.4% in the first quarter of 2026, up from 6.2% during the same period last year.

He attributed the growth mainly to the services and industrial sectors.

Dr Asiama said there had also been increased economic activity, including stronger bank lending, higher trade and industrial production, and a recovery in tourism.

He said falling lending rates were making it easier for businesses to access credit and invest.

Banks remain strong

Dr Asiama said Ghana’s banking sector remained strong and stable, with banks well-capitalised and deposits continuing to grow.

He said the quality of bank loans had also improved.

Credit to businesses and households grew by more than 41% in June compared with about 9% a year earlier, he said.

According to the governor, the increase in lending was helping businesses secure financing to expand and create jobs.

He said stronger economic growth, stable inflation and a sound banking sector were important for sustaining Ghana’s economic recovery.