Ghana’s Economy Is Back on Track — BoG Governor Declares at IMF/World Bank Talks

Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has declared that Ghana’s economy is firmly “back on track” following years of turbulence, crediting the turnaround to disciplined policies, fiscal consolidation, and structural reforms.

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 country’s recovery path since the economic downturn of 2022.

“We came to meet a challenged economy. Fiscal policy was highly expansionary, we had a domestic debt issue, and the cedi was depreciating widely. We suffered several sovereign downgrades and had to rely heavily on domestic financing,” he recounted.

He revealed that upon assuming office, discussions were even held on whether Ghana should cancel its IMF-supported programme due to skepticism about the nation’s capacity to meet its targets.

“I remember there were talks about whether to cancel the programme altogether because many doubted if we could carry it through. But I am happy to say that eight months down the road, we have turned the corner. Ghana is back,” Dr. Asiama declared to applause.

According to him, the economy is showing strong signs of recovery — with growth rebounding, inflation cooling, and investor confidence returning.

Inflation, which stood at 23.5% in January 2025, has since dropped to 9.4% in September, marking Ghana’s first single-digit inflation rate in four years, and beating the government’s 11.9% target.

Dr. Asiama reaffirmed the central bank’s commitment to maintaining macroeconomic stability through prudent monetary policies, enhanced market confidence, and fiscal discipline.

“We are committed to sustaining stability. The focus is to consolidate the gains, strengthen market confidence, and ensure that Ghana remains a model for recovery under the IMF programme,” he concluded.