Inflation 'uncomfortably high', new central bank governor says

New central bank governor Dr. Johnson Asiamah spoke on Monday. He said inflation is still too high. A balanced monetary policy is needed.

Consumer price inflation was 23.1% in February. This is down from over 54% in December 2022. However, it remains well above the Bank of Ghana's target of 8%, plus or minus 2%.

Ghana defaulted on most external debt in 2022. This led to a painful restructuring that is nearly complete.

"As inflation eases, it remains uncomfortably high," Asiamah said. He made these remarks before his first monetary policy meeting.

"Our goal is to find a policy stance," he continued. This should support disinflation without harming recovery or market stability.

The Monetary Policy Committee will announce its next rate decision on March 28.

Finance Minister Cassiel Ato Forson mentioned spending cuts in his budget speech this month. He aims to reduce inflation to