Current Account Surplus Expands by $652 Million in Q1 2026
Ghana’s external sector has shown further signs of strengthening in early 2026, with the country’s current account surplus expanding by US$652 million year-on-year in the first quarter, reflecting improved external buffers despite mounting global economic pressures.
This was disclosed by the Governor of the Bank of Ghana (BoG), Dr. Johnson Pandit Asiama, during his opening remarks at the 130th Monetary Policy Committee (MPC) meeting in Accra.
According to him, the improved external position underscores ongoing macroeconomic adjustments and policy reforms, even as global risks intensify on the back of rising energy and commodity prices linked to geopolitical tensions in the Middle East.
“The domestic economy is evolving and continues to undergo economic and structural changes. Inflation has ticked up, marking the first increase since December 2024; the April 2026 IMF World Economic Outlook reports an expansion in Ghana’s economy; the Q1 2026 current account surplus exceeded the Q1 2025 outturn by approximately US$652 million,” he stated.
Dr. Asiama noted that the external sector gains have been supported by broader macroeconomic developments, including earlier easing inflation trends, renewed investor participation in the domestic bond market, and ongoing fiscal and monetary policy adjustments.
He further highlighted government efforts to reduce foreign currency exposure in key commodity financing arrangements, including plans to raise US$1 billion in local-currency bonds to finance cocoa purchases for the 2026/27 crop season, a move aimed at lowering reliance on external borrowing.
Despite the improved outlook, the BoG Governor cautioned that risks to the macroeconomic environment remain elevated.
He explained that the escalation of the Middle East conflict has contributed to sustained increases in global energy prices, while disruptions to key shipping routes have also pushed up import costs for energy-dependent economies such as Ghana.
“The energy price shock is now the central risk shaping the near-term outlook,” he warned, adding that global inflationary pressures are prompting some central banks to reconsider or pause monetary easing cycles.
Looking ahead, Dr. Asiama said the MPC will focus on sustaining macroeconomic stability while responding to emerging global risks.
Key priorities, he noted, include anchoring inflation expectations, strengthening the financial sector’s capacity to support credit expansion, and maintaining stability in the foreign exchange market, while safeguarding recent gains in the external sector amid ongoing global uncertainty.
