A technical report by the International Monetary Fund has found that the Bank of Ghana currently lacks a formal macroprudential policy strategy.
The report, released in April 2026, notes that the objectives of macroprudential policy are not clearly defined in the Bank’s official documents or publications. It also points to limited discussion of such policies in the Financial Stability Report and on the Bank’s website.
According to the IMF, macroprudential decisions are largely folded into the broader monetary policy process, with some taken by the Monetary Policy Committee. However, the Committee’s primary focus remains on monetary policy, with no explicit mandate tied to financial stability.
The report further highlights the absence of a dedicated financial stability committee that regularly assesses systemic risks. It notes that while measures to manage the impact of COVID-19 and the Domestic Debt Exchange Programme were introduced, these were announced by the Governor and the MPC rather than through a distinct macroprudential framework.
Although staff from the Bank’s Financial Stability Department and Research Department present risk assessments at the MPC’s bi-monthly meetings, the report says macroprudential decisions are only taken in exceptional cases.
It also observes that the tools for macroprudential policy are not clearly outlined in official documents, even though such tools may be deployed in support of monetary policy under certain conditions. The Bank’s framework allows for additional measures, including moral suasion and macroprudential interventions, when necessary.
Looking ahead, the IMF recommends that the Bank of Ghana strengthen its approach by clearly defining the structures and functions that support financial stability. While the Bank’s existing legal powers may allow for some interventions, the report suggests that more explicit legal provisions would enable a more consistent and comprehensive application of macroprudential policy across deposit-taking institutions.
The IMF also urges the central bank to develop and publish a formal macroprudential strategy document. At a minimum, it says, the strategy should clearly define financial stability, systemic risk, and the role of macroprudential policy, while outlining intermediate objectives and the tools available—leaving room for future adjustments.