Dr. Johnson Asiama, Governor of the Bank of Ghana (BoG), has cautioned that while African economies, including Ghana, are showing signs of recovery, they remain vulnerable due to high borrowing costs, thin fiscal buffers, and other economic pressures.
Speaking at the BoG/Bank of England Pan-African Central Bank Governors’ Conference in Accra, Dr. Asiama reflected on Ghana’s economic challenges three years ago, when inflation soared to 54.1%, the cedi lost half its value, and foreign reserves barely covered one month of imports.
“When my team and I assumed office in 2025, our single focus was stabilisation. We tightened policy, sterilised liquidity, and spoke frankly with markets and citizens alike. Behind those numbers is the story of a country that chose discipline over despair,” he said.
Dr. Asiama highlighted Ghana’s progress, noting:
– Inflation has fallen to 8%, the first single-digit rate since 2021.
-Reserves reached US$11.4 billion, covering 4.8 months of imports as of September 2025.
-The cedi appreciated 34.9% year-to-date, reversing a 19.2% depreciation in 2024.
-The trade surplus has tripled to US$6.2 billion in the first eight months of 2025, with a projected current account surplus of 5% of GDP.
He emphasized that leadership, discipline, and patience were crucial in achieving stability.
“Conviction alone is not enough. Stability depends not only on the courage to act but on the discipline to collaborate. Monetary and fiscal authorities are like two drummers playing different rhythms, yet stability demands harmony,” he stated.
Dr. Asiama also underscored the importance of transparent communication with the public.
“A policy is only credible when it makes sense to the woman selling tomatoes down the road,” he said.
Concluding his address, he urged fellow African central bank governors to strengthen collaboration, build trust, and lead with integrity as they confront ongoing economic challenges.
