The First Deputy Governor of the Bank of Ghana (BoG), Dr Zakari Mumuni, has reaffirmed the Central Bank’s commitment to grounding monetary policy in the lived experiences of Ghanaians.
He stressed that national development begins in markets, farms, workshops, factories, and border communities, not in conference rooms.
Addressing participants at the maiden Volta Regional Stakeholder Engagement in Ho on Thursday, Dr Mumuni said the outreach forms part of efforts to ensure that policy decisions reflect realities on the ground.
“We are here today because your voice matters. Policy must reflect real-life experiences, and on this, we say your voice must matter. The Volta Region has always had a clear voice in Ghana’s economic story,” he said.
He noted that recent economic trends point to steady stabilisation, citing improved market conditions for farmers, rising transport activity, and the revival of business projects that were postponed due to economic pressures.
“Most importantly, the pressure of fast-rising prices felt in every shop and every household has eased,” he stated.
“Stability is not something you read about; it is something you feel in your pocket, in your shop, and in your home.”
Dr Mumuni highlighted that the Monetary Policy Committee (MPC) recently cut the policy rate from 21.5 per cent to 18 per cent, a 350-basis point reduction described as one of the largest single cuts in Ghana’s history.
“This development creates room for borrowing costs to fall, allowing businesses to breathe, traders to plan, and banks to lend with greater confidence,” he explained.
He disclosed that Ghana posted a 6.3 per cent economic growth rate for the first half of 2025, compared with 5.1 per cent in the same period last year, while the Composite Index of Economic Activity expanded by 9.6 per cent as of August.
On the foreign exchange market, the Deputy Governor said the cedi had continued to stabilise, supported by improved forex management and stronger inflows.
Ghana’s international reserves currently stand at US$11.4 billion, equivalent to 4.8 months of import cover.
He attributed the gains to “deliberate and disciplined policy actions,” including tight monetary policy, fiscal consolidation, enhanced gold export performance, and an improved external payments position.
Reflecting on the “Cedi at 60” anniversary, Dr Mumuni said currency stability was essential to everyday livelihoods, from market women in Hohoe to farmers in Adaklu, and young artisans in Kpando.
“When the cedi is stable, importers can plan. When importers plan, traders price better. When traders price better, families feel relief. This chain affects every Ghanaian,” he said.
He stressed that sustaining stability requires collective discipline, patience, and national purpose.
Dr Mumuni said the Volta Region continues to play a strategic role in Ghana’s economy through agriculture, agro-processing, cross-border trade, tourism, strong community banking systems, and a vibrant SME sector.
“The Volta Region is not waiting to be invited to Ghana’s economic future; it is already shaping it,” he said.
Mr Bernard Otabil, Head of Communications at BoG, told the GNA that the engagement was designed to strengthen dialogue with business operators from Ho, Hohoe, and surrounding areas, including participants from the Oti Region.
“It is a networking exercise and an opportunity to listen to the concerns of businesses so we can improve policy. Macroeconomic outcomes are strongest when economic actors fully understand regulatory decisions,” he noted.
He said the initiative complements similar engagements held with traders at Makola, GUTA, AGI, and other business groups across the country.
The meeting brought together farmer associations, financial institutions, business groups, GUTA representatives, SMEs, and various trade organisations.
Participants asked questions, shared concerns, and provided recommendations for improving the business environment.
Stakeholders expressed appreciation for the BoG’s decision to engage them directly and said they hoped their concerns and suggestions would be reflected in future policy actions.
The BoG delegation also visited Hohoe and its surrounding communities for additional engagements with traditional authorities and local businesses and called on the Asogli State as part of the outreach.