The Governor of the Bank of Ghana, Dr. Johnson Asiama, says Ghana’s economy is gaining momentum.
He cited recent data and real sector indicators that reflect increased economic activity and a stronger outlook.
Speaking at the 9th Ghana CEO Summit, he explained that the uptick is being driven by exports, private sector credit, and construction activity. “The Ghana Purchasing Managers’ Index crossed the 50-point mark. That means output and new orders are up, signaling stronger growth,” he stated.
Investor confidence is at its highest level in seven years. According to Dr. Asiama, this is due to falling inflation and growing optimism about Ghana’s economy.
Cedi Stability Not Due to Reserve Spending
Dr. Asiama dismissed claims that the central bank is using its reserves to support the cedi. “The cedi’s strength comes from disciplined monetary policy, better FX auctions, improved remittance flows, and tighter market oversight,” he said.
He added that starting June 5, 2025, the Cash Reserve Ratio will be revised to help banks manage FX risk and liquidity more efficiently.
To improve engagement, the central bank plans to create a BoG-CEO Forum. This will help gather market insights and support better policy design. “We’re not co-authoring policy. But we want to understand how our decisions affect credit, investment, and enterprise,” he explained.
Governor’s Six Policy Priorities
Dr. Asiama highlighted six focus areas for BoG:
- Transparent and predictable monetary policy
- A stable FX market with low volatility
- Stronger regulation for banking stability
- Innovation and inclusion via fintech and digital finance
- Policy coordination without compromising BoG independence
- Restoring BoG’s balance sheet for long-term credibility
“These are not just institutional goals. They reflect what the times demand,” he concluded.
