Ghana’s Economic Recovery Underway Under New BoG Leadership – President Mahama

President John Dramani Mahama has declared that Ghana’s economic recovery has begun in earnest, attributing the progress to the renewed leadership and decisive policy actions at the Bank of Ghana (BoG). Speaking at the swearing-in ceremony of Mrs. Matilda Asante-Asiedu as Second Deputy Governor of the central bank on May 2, 2025, President Mahama emphasized that the nation’s economic revival is being led by a team of professionals committed to restoring fiscal stability and confidence in the financial sector. “We inherited a severely weakened economy, but I’m pleased to note that the recovery process has firmly taken off,” President Mahama said. Mrs. Asante-Asiedu’s appointment comes at a time when Ghana is grappling with persistent inflation, currency volatility, and debt servicing pressures. However, the President noted that some macroeconomic indicators are showing signs of improvement. “Inflation, though still high, is beginning to moderate. The Ghana Cedi has appreciated by 3.16% on the interbank market and nearly 5% at the forex bureau level, “ he disclosed.

He credited these gains to disciplined monetary tightening, enhanced foreign exchange liquidity, and a more coordinated approach between fiscal and monetary policy authorities.  “These results are not accidental. They are the product of deliberate policies, carefully thought out and courageously implemented,” the President remarked. Addressing Mrs. Asante-Asiedu directly, President Mahama urged her to uphold professionalism and continue pushing forward with critical reforms that will consolidate the early gains. Mrs. Asante-Asiedu, a seasoned banking professional, previously held leadership roles in both public and private financial institutions, with a career spanning financial literacy advocacy, risk management, and inclusive banking. In her brief remarks, she expressed gratitude for the opportunity and pledged to serve with integrity. “I am humbled by this responsibility and committed to supporting policies that will restore confidence and drive sustainable economic growth,” she said. Economic analysts have cautiously welcomed the signs of stabilization, noting that while challenges remain, effective collaboration between the BoG and the Ministry of Finance could lead to stronger recovery outcomes.