BoG Governor urges continued discipline as Ghana’s economic stability faces global tests

The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has reaffirmed that Ghana’s recent signs of economic stability are genuine but cautioned that the progress remains fragile and untested in the face of global economic uncertainties.

Speaking at the maiden Pan-African Central Bank Governors’ Conference held in Accra, Dr. Asiama said that while the nation’s economy has begun showing encouraging signs of recovery, the gains require sustained policy discipline, transparency, and credibility to be preserved.

“Colleagues, as we stand at a reflection point, economic growth is returning in many of our countries. Beneath this growth across the continent lies our fragility,” he said. “We still have to contend with high borrowing costs and fiscal constraints. In other words, our stability is real, but it is still being tested.”

According to the BoG Governor, the current economic recovery should not lead to complacency. Instead, it should inspire greater responsibility from both policymakers and the public to safeguard Ghana’s financial stability.

A Call for Discipline and Credible Policy Action

Dr. Asiama emphasised that Ghana’s stability, though visible in macroeconomic indicators, will only be sustained through discipline in fiscal management and coordination between monetary and fiscal authorities.

He noted that central banks across Africa must view their roles beyond monetary control, positioning themselves as “custodians of public trust.” By maintaining confidence in national economies, he said, monetary institutions can help shield nations from external shocks and policy missteps.

The Governor also underlined the importance of robust reserve management and credible response mechanisms to deal with global financial pressures. He cautioned that Africa’s growth trajectory depends not only on strong domestic frameworks but also on the continent’s ability to adapt to global volatility.

“Our collective progress as African economies depends on how we balance growth aspirations with macroeconomic prudence,” Dr. Asiama added. “We must build resilience, enhance policy credibility, and ensure that stability translates into real opportunities for our people.”

Reinforcing Collaboration Across African Central Banks

The conference brought together central bank governors, deputies, and senior officials from across Africa to discuss pressing issues such as macroeconomic stability, exchange rate management, inflation targeting, digital currency innovation, and fintech development.

Co-hosted by the Bank of Ghana and the Bank of England, the event served as a platform for knowledge exchange and strategic collaboration among policymakers, aimed at strengthening Africa’s economic architecture and improving regional coordination.

Participants shared experiences on how various African economies are navigating the complex global environment, tackling inflation, and exploring digital transformation within the banking and financial systems.

The conference concluded with a renewed call for policy coherence, financial innovation, and collective responsibility in promoting sustainable economic growth across the continent.

A Path Forward

Dr. Johnson Asiama’s message was clear: Ghana’s economic foundation is taking shape, but the journey ahead requires vigilance, integrity, and cooperation. The Bank of Ghana, he assured, remains committed to preserving monetary stability and ensuring that the country’s economic recovery matures into long-term resilience.

“Our stability is real, but it must be guarded with wisdom and consistency. The decisions we take today will determine the strength of our economies tomorrow,” he concluded.