An International Monetary Fund (IMF) technical report has identified significant gaps in the Bank of Ghana’s (BoG) macroprudential policy framework, noting the absence of a formalised strategy for managing systemic financial risks.
Published in April 2026, the report indicates that macroprudential policy objectives are not clearly defined in the Bank’s institutional documentation or public communications. It further observes that coverage of macroprudential issues in the Financial Stability Report (FSR) and on the BoG’s official platforms remains limited.
According to the findings, macroprudential policy decisions are largely integrated into the monetary policy process, with certain decisions taken within the Monetary Policy Committee (MPC). However, the report notes that the MPC primarily focuses on monetary policy objectives, without explicit responsibility for financial stability oversight.
The IMF further highlights the absence of a dedicated financial stability committee tasked with systematically monitoring systemic risks within the financial sector. While staff from the Financial Stability Department and the Research Department periodically present risk assessments at MPC meetings, macroprudential decisions are said to be made only on an exceptional basis.
The report also points to the lack of clearly defined macroprudential instruments within official policy documents. It notes, however, that such tools may be deployed under exceptional circumstances, alongside monetary policy measures such as moral suasion, as referenced in the Bank’s policy framework.
It acknowledges that during recent crises, including the COVID-19 pandemic and the Domestic Debt Exchange Programme, financial stability-related interventions were communicated by the Governor and the MPC. Nonetheless, these actions were not part of a clearly articulated macroprudential strategy.
Looking ahead, the IMF recommends strengthening the BoG’s macroprudential mandate by explicitly defining the institutional functions that support financial stability objectives. While recognising the Bank’s existing legal authority to activate certain measures, the report argues that a more systematic approach would require clearer statutory and operational provisions.
A key recommendation is the development and publication of a comprehensive macroprudential strategy document. Such a framework, the report states, should clearly define core concepts including financial stability, systemic risk, and macroprudential policy.
The IMF further advises that the strategy should establish intermediate policy objectives and provide an explicit list of macroprudential tools, while maintaining flexibility to incorporate additional instruments as financial conditions evolve.
Overall, the report concludes that a more structured and transparent macroprudential framework would enhance the Bank of Ghana’s ability to identify, monitor, and mitigate systemic risks across deposit-taking institutions under its supervision.
