Economy back on track – BoG Governor
The Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, says Ghana’s economy has made a firm recovery after years of instability, describing the country as “back on track” following months of policy discipline and reform.
Speaking at the IMF/World Bank Governor Talk Series in Washington, D.C., under the theme “From Crisis to Confidence: Ghana’s Journey to Macroeconomic Stabilisation”, Dr Asiama reflected on the state of the economy when he assumed office.
“We came to meet a challenged economy. Remember, we had a domestic debt issue in 2022, and fiscal policy was highly expansionary. It led to our exit from the international financial market and a shift to domestic financing.
“We recall all the sovereign downgrades we had to endure. We came into office with excess liquidity, high inflation and an exchange rate that was depreciating rapidly,” he said.
Dr Asiama 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.
“I remember when we came in, there were talks about cancelling the programme altogether. There were doubts as to whether we would be able to carry it forward.
“But I am happy to say that eight months down the road, we have turned the corner. Ghana is back,” he stated.
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 per cent in January 2025, has since dropped to 9.4 per cent in September, the first single-digit rate in four years, beating the government’s 11.9 per cent target.
Dr Asiama reaffirmed the central bank’s commitment to sustaining macroeconomic stability through prudent policy management and restoring market confidence.
