Ghana’s economy is “back on track” — Bank of Ghana Governor declares at IMF/World Bank talks

Governor of the Bank of Ghana, Dr. Johnson Asiama, says Ghana’s economy has made a firm recovery after years of instability, describing the country as being “back on track” following months of policy discipline and reform.

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 Stabiliastion,” Dr. Asiama reflected on the state of the economy when he assumed office.

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

“We remember all the sovereign downgrades we had to suffer. We came into office with a lot of liquidity, high inflation, [and] an exchange rate that was depreciating widely,” he said.

He disclosed that at the time, there were even discussions on whether Ghana should cancel its IMF-supported programme, as doubts loomed over the country’s ability to meet its targets.

“And I remember when we came in there were talks about if we should cancel the programme altogether, there were doubts as to whether we will be able to carry on the programme.

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

The Governor added that “growth has rebounded, inflation has cooled, and Ghana is now outperforming expectations under the IMF programme. Inflation, which stood at 23.5 percent in January 2025, has since dropped to 9.4 percent in September — the first single-digit rate in four years, beating the government’s 11.9 percent target.”

Dr. Asiama reaffirmed the central bank’s commitment to sustaining macroeconomic stability through prudent policy management and market confidence restoration.