Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that the individual decisions of Monetary Policy Committee (MPC) members will now be made public after each policy meeting. This reform, revealed during the National Economic Dialogue (NED) held in Accra, is aimed at increasing transparency and restoring public trust in the central bank’s decision-making.
Dr. Asiama noted that past MPC decisions were always presented as unanimous, despite the presence of diverse opinions during deliberations. Moving forward, the Bank of Ghana will publish the voting records and justifications of each member in national newspapers the day after every MPC meeting.
“Ghanaians deserve to know why we make the decisions we do. Whether it’s increasing, maintaining, or lowering the policy rate, the rationale behind every choice must be clear,” Dr. Asiama stated.
The move aligns Ghana with central banks in advanced economies, such as the United States, where the FOMC publishes individual votes and releases full minutes three weeks after each meeting, the United Kingdom where the Bank of England’s MPC discloses voting records immediately after policy meetings, the Bank of Japan’s Policy Board which releases a breakdown of votes and discussion points and the South African Reserve Bank’s MPC which publishes the overall voting split and key arguments from members.
Dr. Asiama says this approach will enhance transparency, improve communication with stakeholders, and strengthen confidence in monetary policy decisions.
The Governor also emphasized the need for better coordination with fiscal authorities, including the Ministry of Finance, to ensure macroeconomic stability. As part of efforts to engage the private sector, the central bank will now meet with business leaders twice a year to discuss monetary policies and their impact.
“We are bringing transparency to the financial sector. We want businesses, academia, and the media to understand that we are all in the same boat. This is why we are coming to meet with traders, investors, and private sector stakeholders,” Dr. Asiama affirmed.
Dr. Asiama also highlighted the rising levels of non-performing loans (NPLs) as a major concern, particularly among local banks. He revealed that some banks have NPL ratios as high as 81%, meaning they struggle to recover loans. In contrast, foreign banks average around 21%.
To address this, the Bank of Ghana will engage government-owned banks and the Ghana Association of Banks to find solutions.
Touching touched on the private sector’s call for a revision of cash reserve requirements to boost lending for local production, he noted that the central bank is considering a “like-for-like” system, where banks maintain reserves in the same currency as deposits, rather than converting them into cedis.
Additionally, a portion of these funds could be directed toward a guarantee scheme for agricultural lending to support local production and reduce Ghana’s dependence on imports.
The Governor reassured Ghanaians that the central bank remains committed to difficult but necessary decisions to stabilize the economy.
“We will be transparent. If tough choices have to be made, the public will understand why,” he concluded.
The MPC is expected to meet later this month from Wednesday 25th to Friday 28th with its decision announced on Monday 31st.