Dr. Johnson Asiama
The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has stated that the country’s economic transformation will not happen by accident but will require disciplined policy choices, resilient institutions, and strong collaboration between the public and private sectors.
Speaking at the 10th Ghana CEO Summit and Expo in Accra on the theme, “Monetary Stability, Financial Sector Reform, and Industrial Growth: Driving Ghana’s Economic Transformation from Vision to Action,” Dr. Asiama said the progress made so far demonstrates that economic transformation is achievable when institutions act decisively and policy coordination is strengthened.
“The task before us is challenging, but it is achievable. The progress we have made demonstrates that when institutions act decisively, when policy coordination is strengthened, and when the public and private sectors work together, the vision of economic transformation can become a reality,” he said.
According to the Governor, the debate is no longer about whether Ghana can recover economically but whether the country can turn that recovery into a foundation for sustained prosperity, industrial competitiveness and inclusive growth.
Dr. Asiama stressed that macroeconomic stability remains the foundation of sustainable economic growth, noting that low and predictable inflation, as well as exchange rate stability, are critical to business confidence and investment.
“A stable macroeconomic environment provides the confidence that businesses need to invest, expand and create jobs. Without price stability, businesses cannot plan. Without exchange rate stability, investors hesitate. Without confidence in economic management, long-term capital retreats,” he said.
He noted that the mandate of BoG extends beyond technical monetary management and is fundamentally linked to national development.
According to him, financial stability is not an abstract concept reserved for regulators, as weaknesses in the financial system directly affect businesses seeking credit, entrepreneurs pursuing expansion, households saving for the future and investors assessing risk.
Dr. Asiama explained that a stable financial system mobilises savings efficiently, allocates capital productively, absorbs shocks and supports economic expansion.
To strengthen the sector, he said the central bank has adopted a more proactive, forward-looking and risk-sensitive supervisory framework aimed at identifying vulnerabilities early and ensuring resilience in an increasingly complex financial environment.
Among the key strategies being pursued are proactive risk identification and mitigation, promoting innovation while maintaining resilience, strengthening governance and accountability, and building institutional capacity to address emerging risks.
“Weak controls and poor risk culture can quickly evolve into systemic threats. We are therefore intensifying our supervisory focus on governance standards, board effectiveness and compliance culture across regulated institutions,” Dr. Asiama added.
By Ebenezer K. Amponsah