Ghana’s Economy ‘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 has made a solid turnaround after years of instability, stating confidently that the nation is “back on track.”

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 outlined the country’s progress since the government embarked on a path of policy discipline and fiscal reforms.

“We came to meet a challenged economy — remember we had a domestic debt issue in 2022, fiscal policy was highly expansionary, and that led us to exit the international financial market. There was resort to domestic financing.

We suffered several sovereign downgrades, faced high inflation, and a rapidly depreciating exchange rate,” he recounted.

Dr. Asiama revealed that when he assumed office, there were serious doubts about whether Ghana could sustain its IMF-supported programme, with some even suggesting that it be cancelled.

“When we came in, there were talks about cancelling the programme altogether. There were doubts as to whether we could carry on,” he said.

“But I am happy to say that eight months down the road, we have turned the corner. Ghana is back.”

According to the Governor, macroeconomic indicators now point to a strong rebound — with growth accelerating, inflation declining, and confidence returning to the financial markets.

He disclosed that inflation, which stood at 23.5% in January 2025, has dropped sharply to 9.4% in September 2025 — the country’s first single-digit inflation rate in four years, outperforming the government’s target of 11.9%.

Dr. Asiama reaffirmed the Bank of Ghana’s commitment to maintaining macroeconomic stability through prudent policy management and confidence restoration in the financial sector.

“Growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme,” he emphasised.