An International Monetary Fund (IMF) mission to Ghana in March 2026 has recommended strengthening of the Bank of Ghana’s macroprudential framework by establishing a dedicated decision-making process and adopting a strategy.
According to the mission, the Central Bank should establish a dedicated decision-making body for macroprudential policy, such as a financial stability committee, and an interdepartmental technical committee to regularly assess systemic risks and propose measures.
It also advised the Financial Stability Department to maintain formal responsibility for systemic risk assessment and macroprudential policy formulation, supported by adequate staffing and specialised expertise.
“It is essential to adopt and publish a macroprudential strategy document to guide the conduct of macroprudential policy. Establishing a regular macroprudential policy making process for systemic risk analysis and tool deployment will ensure that macroprudential policy remains in focus”, it added.
On communication, the mission advised establishing a distinct channel for macroprudential policy announcements, separate from those issued by the Monetary Policy Committee.
This could involve launching a dedicated webpage on financial stability and macroprudential policy and strengthening the communication of systemic risk and macroprudential settings in the Financial Stability Review (FSR) and other publications. “The FSC’s communication could also be enhanced through a dedicated webpage and timely press releases, hosted on or clearly linked from the BoG website”.
