Dr. Johnson Asiama
The nation’s economy has rebounded strongly after years of turbulence, with growth, inflation, and market confidence all showing signs of sustained recovery, according to Governor of the Bank of Ghana, Dr. Johnson Asiama.
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 said the country’s economic fundamentals have strengthened significantly following months of fiscal discipline and structural reform.
“We came to meet a challenged economy in the sense that remember we had a domestic debt issue in 2022, fiscal policy was highly expansionary. It led to us exiting the international financial market. There was resort to domestic financing.
“We remember all the sovereign downgrades we had to suffer. We came into office with a lot of liquidity, high inflation, [and] an exchange rate that was depreciating widely,” he said.
He revealed that at the time, there were even discussions about whether Ghana should withdraw from the IMF-supported programme, amid concerns about its ability to meet performance targets.
“And I remember when we came in there were talks about if we should cancel the programme altogether, there were doubts as to whether we will be able to carry on the programme,” he stated.
According to Dr. Asiama, economic growth has picked up, inflation has eased, and Ghana’s performance under the IMF programme now exceeds expectations. Inflation, which stood at 23.5 percent in January 2025, has fallen to 9.4 percent in September, the country’s first single-digit inflation rate in four years, beating the government’s target of 11.9 percent.
He noted that improved fiscal management, tight monetary policy, and increased coordination between the Ministry of Finance and the central bank have helped stabilise the macroeconomic environment.
“Growth has rebounded, inflation is cooling, and investor confidence is returning. Our task now is to sustain these gains through prudent policy management and the restoration of market confidence,” he said.
A Business Desk Report