The Governor of the Bank of Ghana, Dr. Johnson Asiama, has revealed that the current economic data and real sector indicators are all pointing to a pickup in economic activities.
At the same time, the growth outlook remains largely strong.
Disclosing this at the 9th Ghana CEO Summit and Expo, the Governor said the economic performance is driven by exports, credit to the private sector, and construction activities.
“Another critical indicator, which shows that things have picked is the Ghana Purchasing Managers’ Index, which rose above the 50-benchmark as output whilst new orders increased, signaling improved growth prospects”, the Governor pointed out.
Dr. Asiama’s address focused on Monetary Policy, Financial Stability and Innovation: Anchoring Ghana’s Economic Reset for sustainable Growth”.
The Governor again revealed that the latest confidence survey has reached the highest in seven years, mainly due to “easing inflationary pressures and optimism about macroeconomic conditions”.
Cedi Stability and Bank of Ghana
The Bank of Ghana Governor, Dr. Johnson Asiama also insisted that his outfit is not is not using its international reserves to support the cedi or to engineer an appreciation of the local currency.
He added that “The strengthening of the currency reflects a blend of disciplined monetary policy, tailored FX auction reforms, enhanced remittance channels, and stricter market surveillance – not mere short-term interventions”.
The Governor also announced that the decision to review the Cash Reserve Ratio requirement effective June 5 2025, should “support better FX risk alignment and encourage more efficient liquidity planning”.
Dr. Asiama also assured the Chief Executives at the summit that “ we remain alert to external vulnerabilities – from disinflation divergence in global financial markets to the proposed 5% U.S. tax on outbound remittances”.
He added that “These risks remind us that vigilance is still required”.
Improved Dialogue with Chief Executives
The Governor also announced that the Bank of Ghana is exploring the creation of a Bank of Ghana-CEO Forum, which will be “ a structured platform to foster timely dialogue, gather market intelligence, and improve policy alignment”.
The Governor noted that the central bank is drawing inspiration from best practices, adding, “he U.S. Federal Reserve, despite its complexities today, has long relied on regional CEO councils for real-time feedback.”
The Governor maintained that “this isn’t about co-authoring policy, but it is about ensuring that our policies are informed by a grounded understanding of how they impact investment, credit, and enterprise.”
Governor’s Vison
The Governor of the Bank of Ghana also touched on six key areas, which he sees as his focus and priority for the banking sector.
Key Among them are:
- A modern, transparent, and predictive monetary policy framework
- A credible foreign exchange market anchored in sound reserves and reduced volatility
- Strengthened regulation to ensure a stable yet responsive banking system
- Innovation and inclusion through fintech, digital finance, and regulatory transformation
- Alignment between monetary and fiscal policies without compromising the Bank’s independence
- Restoring the Bank’s own balance sheet strength to preserve long-term institutional credibility
The Governor noted that “These priorities reflect not just institutional responsibility, but the demands of our time”.
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DISCLAIMER: The Views, Comments, Opinions, Contributions and Statements made by Readers and Contributors on this platform do not necessarily represent the views or policy of Multimedia Group Limited.
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