During the 2025 International Monetary Fund (IMF)–World Bank Annual Meetings, Governor Johnson P. Asiama reflected on the country’s progress and the reform agenda shaping the remainder of his mandate.
Appointed in February 2025, the Governor noted that confidence had returned after a period when some questioned whether Ghana should abandon its IMF programme. Inflation dropped sharply from nearly 24% in January to 9.4%, while economic growth exceeded expectations. International rating agencies have also responded positively to the reform trajectory.
A central focus has been restoring credibility to monetary policy. Asiama highlighted tighter liquidity management and sterilisation measures undertaken with fiscal authorities, which helped anchor inflation. Although the Bank is beginning to ease its stance, it emphasised that disciplined liquidity control remains critical.
However, the tight environment has constrained private sector credit, which is among the lowest in the region. With non-performing loans still elevated, banks are being pressed to strengthen risk management and diversify lending beyond major urban areas, particularly to women and young entrepreneurs.
A major element of Ghana’s turnaround has been the GoldBod initiative, launched in March to streamline gold purchasing and exports. By closing foreign exchange leakages and channelling earnings through the central bank, the scheme has generated roughly $8 billion and lifted international reserves to four-and-a-half months of import cover, a dramatic improvement from the two-week buffer recorded during the crisis.
On foreign exchange management, the Governor underscored that Ghana operates a managed float aimed at smoothing volatility rather than controlling the market. Recent interventions were driven by large payments to independent power producers and bondholders, as well as weaker remittances.
Improved mining inflows and unused foreign exchange being returned to reserves have strengthened stability, while efforts continue to boost local processing of gold, cocoa, and oil.
Asiama also raised concern over the rising use of crypto assets, which are diverting foreign exchange away from the formal system. Ghana has developed a draft bill for virtual asset regulation with IMF support, alongside the establishment of a dedicated oversight department.
Reflecting on the impact of public debt restructuring, the Governor noted that financial institutions suffered substantial losses from sovereign exposure, a situation he stressed must never recur. Ongoing reforms include attracting long-term capital through additional stock exchange listings and legislative changes to prevent central bank financing of government.
Looking ahead, Asiama prioritised tackling dollarisation and building a modern, agile central bank capable of managing emerging risks. “Crypto is today’s challenge, tomorrow it may be something else,” he said. “We are strengthening our capacity, updating legislation, and reinforcing our balance sheet to safeguard Ghana’s stability.”
–IMF/ChannelAfrica–
