Ghana Says Economic Rebounds from Crisis to Confidence
Ghana is back,” Governor Johnson P. Asiama of the Bank of Ghana (BoG) declared at the IMF/World Bank meeting in Washington, three years after the country’s economy was roiled by a debt crisis.
In his speech, Asiama pointed to lower inflation, rebounding growth, and growing reserves. Speaking with the IMF’s Abebe Aemro Selassie, Asiama said “tremendous” policy support from the IMF has helped Ghana in this journey.
Some of the BoG’s priorities going forward include rebuilding the central bank’s balance sheets, addressing a decline in remittance inflows, and regulating crypto and fintech. He called for measures to expand private sector credit, including for Ghana’s growing youth population and women-owned businesses.
Dollarization is also a concern for the governor, mentioning the BoG’s “Cedi at 60” anniversary celebration to highlight the local currency. Asiama also spoke about Ghana’s Gold Board (GoldBod), a public institution that emphasizes responsible gold sourcing, established earlier this year.
Asiama expressed Ghana’s economy has made a firm recovery after years of instability, describing the country as being “back on track” following months of policy discipline and reform.
“We came to meet a challenged economy in the sense that remember we had a domestic debt issue in 2022, fiscal policy was highly expansionary. It led to us exiting the international financial market. There was resort to domestic financing.
“We remember all the sovereign downgrades we had to suffer. We came into office with a lot of liquidity, high inflation, [and] an exchange rate that was depreciating widely,” he said.
He disclosed that at the time, there were even discussions on whether Ghana should cancel its IMF-supported programme, as doubts loomed over the country’s ability to meet its targets.
“And I remember when we came in there were talks about if we should cancel the programme altogether, there were doubts as to whether we will be able to carry on the programme.
“But I am happy to say that eight months down the road we have turned the corner. Ghana is back,” Dr. Asiama declared.
The Governor added that “growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme. Inflation, which stood at 23.5 percent in January 2025, has since dropped to 9.4 percent in September—the first single-digit rate in four years, beating the government’s 11.9 percent target.”
Dr. Asiama reaffirmed the central bank’s commitment to sustaining macroeconomic stability through prudent policy management and market confidence restoration. MTN Nigeria Rallies Amidst Strong Earnings Expectations
