We have turned the corner – BoG Governor

By Joshua Worlasi AMLANU, Washington, D.C.

Bank of Ghana Governor Dr. Johnson Pandit Asiama has declared that the country “turned the corner” after years of economic instability, as inflation fell below 10 percent for the first time in four years amid a faster-than-expected rebound in growth.

Speaking at the IMF Annual Meetings during a side event dubbed ‘Governor Talks: From Crisis to Confidence – Ghana’s Journey to Macroeconomic Stabilisation’, Dr. Asiama said the economy’s recovery has exceeded expectations only eight months after he assumed office.

“When we took over, there were doubts about whether Ghana could sustain the IMF-supported programme,” he said. “But I’m happy to say that eight months down the road, Ghana is back. Inflation has fallen to 9.4 percentand we are running ahead of programme targets.”

He attributed the turnaround to a combination of tight monetary policy, fiscal discipline and reforms in the gold and foreign exchange markets.

The central bank, he said, maintained a “very tight monetary policy stance” supported by strong collaboration with fiscal authorities to curb liquidity pressures and stabilise prices.

“There was a lot of excess liquidity in the system and we had to do significant sterilisation,” the Governor noted, adding that about GH¢65billion of the Bank’s GH¢85billion balance sheet was tied to sterilisation costs. “There’s a price to stabilisation and someone needs to pay for it. But stability is a public good and we are committed to maintaining it.”

Ghana’s recovery follows one of the country’s deepest economic crises in decades, marked by debt distress, elevated consumer inflation and a collapse in market access that forced government into a US$3billion IMF programme during 2023. The central bank’s decisive policy tightening and debt restructuring have since restored market confidence and improved the outlook for 2026.

Despite progress, Dr. Asiama acknowledged challenges remain – including low private-sector credit and high non-performing loans.

He said the Bank is working with commercial lenders to improve risk management while expanding access to credit for youth and women-owned enterprises.

“Our goal is to sustain this recovery, broaden inclusion and ensure stability translates into stronger growth,” he said. “We’ve come a long way from the crisis and we are not turning back.”

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