By Celestine Avi
President John Mahama has commended the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, and his team for taking decisive and coordinated steps to stabilize the economy, rebuild public trust, and restore investor confidence. He says the central bank’s bold leadership has sparked a positive turnaround, marked by a stronger cedi, moderating inflation, and renewed global confidence in Ghana’s financial governance.
President Mahama noted that the Bank of Ghana, under Governor Dr. Johnson Asiama’s leadership, has become a key pillar in Ghana’s national reset agenda, symbolizing economic sovereignty and institutional credibility.
“I’m pleased to note that under the leadership of Governor Dr. Johnson Pandit Asiama and the Bank’s senior management, the recovery process has begun in earnest.”
He recalled the distressed state of the economy his administration inherited, citing high inflation, a depreciated cedi, and weakened investor trust.
“When we assumed office, the economy we inherited was deeply distressed. Investor confidence had hit rock bottom. Inflation was soaring, the cedi had sharply depreciated, and our debt situation was precarious.”
The President commended the BoG’s disciplined response to these challenges through prudent monetary policy, effective liquidity management, and tighter fiscal coordination with the Finance Ministry. He attributed the recovery to:
“Careful monetary tightening, improved foreign exchange liquidity, and a better synchronization of fiscal and monetary policy frameworks.”
He highlighted that the Ghana cedi has appreciated by 3.16% on the interbank market and nearly 5% at forex bureaus—an outcome he credited to sound policy decisions and structural reforms.
“Inflation, while still high, is moderating. The Ghana cedi has appreciated by 3.16% on the interbank market and by nearly 5% at the forex bureau—a remarkable reversal of last year’s volatility.”
President Mahama also cited a renewed sense of international trust in Ghana’s economy.
“The staff-level agreement reached with the IMF during the fourth review of our extended credit facility program reflects growing international confidence in our reforms and in the credibility of our economic governance.”
While commending the BoG, he emphasized that monetary policy alone cannot secure recovery, underlining the importance of disciplined fiscal management led by Finance Minister Dr. Cassiel Ato Forson.
“Monetary policy alone cannot secure Ghana’s economic recovery. It must be complemented by disciplined fiscal policy.”
He reaffirmed his administration’s commitment to coordinated reforms, debt sustainability, and long-term economic resilience—not just to meet IMF conditions, but to anchor sustainable development.
“We’re improving domestic revenue mobilization, streamlining public expenditure, and restoring fiscal discipline—not to tick IMF boxes, but because sustainable development depends on it.”
President Mahama also praised the strengthened collaboration between the Bank of Ghana and the Finance Ministry.
“This improved synergy is reflected in our joint work on Forex Auctions, Reserve Accumulation, and Liquidity Management. And the results are already evident for all to see.”
He ended by urging financial institutions to channel credit to small and medium enterprises to fuel real-sector growth.
“I urge banks and financial institutions to take advantage of the positive developments and extend credit to businesses, especially small and medium enterprises. The path to recovery is clear, but we must stay the course.”
