The governor of the Bank of Ghana, Johnson Asiama, has stressed that macroeconomic stability remains the foundation for building strong and sustainable financial markets.
Speaking at the ACI World Congress under the theme “elevating markets, empowering people,” Dr. Asiama said stable economic conditions are necessary for capital markets to grow, credit to become affordable, and innovation to thrive within the formal financial system.
According to him, macroeconomic stability is not only beneficial for financial market development but also serves as the infrastructure upon which market growth becomes possible.
Dr. Asiama noted that Ghana faced severe economic challenges three years ago, with headline inflation reaching 54.1 percent in December 2022. He said the country also struggled with low international reserves, debt restructuring, and weak market confidence at the time.
He explained that the policy decisions taken by the Bank of Ghana and the Ministry of Finance during the period were difficult but necessary to restore stability to the economy.
Highlighting recent economic gains at the ACI World Congress, the governor disclosed that inflation had dropped to 3.4 percent by April 2026. He added that Ghana’s international reserves have increased to nearly 14 billion US dollars, representing more than five months of import cover and moving closer to six months. He revealed that 1,400 basis points had been removed from the policy rate since early 2025, while fiscal consolidation efforts continue to hold steady.
He also stated that Ghana’s banking sector has been recapitalized, and private sector lending is gradually recovering.
Despite the progress, the governor cautioned against excessive celebration, warning that global economic conditions remain uncertain and risks to the outlook still exist.
