Ghana’s economy is undergoing a decisive turnaround, driven by deliberate policy reforms, tighter fiscal discipline, and renewed investor confidence, the Governor of the Bank of Ghana, Dr. Johnson Asiama, told global investors at a high-level private roundtable on the sidelines of the African Development Bank (AfDB) Annual Meetings on Wednesday.
Addressing the session themed “De-risking Growth: Building Confidence in African Sovereign Finance”, Dr. Asiama painted an optimistic picture of Ghana’s economic outlook, citing firm macroeconomic gains, an appreciating cedi, easing inflation, and stronger foreign exchange reserves as key indicators of the country’s rebound.
“Ghana’s recovery journey is still unfolding, but one thing is clear: we are back on a credible path,” Dr. Asiama said, urging investors to see Ghana not only as a stabilizing economy but as a strategic investment destination.
The roundtable, hosted by Invest Africa in partnership with Standard Chartered, brought together corporate leaders, policymakers, and financiers for discussions on unlocking sustainable capital across the continent.
Signs of a Turnaround
According to the Governor, Ghana’s economy grew by 5.7% in 2024 — outperforming earlier projections — and is expected to expand by 4.0% in 2025 despite global uncertainties. More notably, the cedi has appreciated by 21.5% year-to-date, reversing a 19.2% depreciation in 2024.
“This appreciation is not speculative, not artificial, and not temporary. It is grounded in fundamentals,” he stressed, citing increased gold exports, a stronger current account position, and strategic reserve accumulation through the Gold-for-Reserves programme.
Inflation has also declined from 23.8% at the end of 2024 to 21.2% in April 2025, while gross international reserves rose to US$10.67 billion, equivalent to 4.7 months of import cover.
Monetary and Fiscal Reforms
Reaffirming the Bank of Ghana’s commitment to macroeconomic discipline, Dr. Asiama revealed that the central bank’s Monetary Policy Committee recently voted unanimously to maintain the policy rate at 28%, prioritizing inflation control and monetary stability.
“We are maintaining a tight stance until inflation expectations are fully re-anchored,” he said, noting reforms in liquidity management and enhanced policy signalling through active Open Market Operations.
On the fiscal front, government reforms in domestic revenue mobilization and expenditure controls are supporting debt sustainability efforts. The turnaround has also been bolstered by a recent IMF Staff-Level Agreement under the Fourth Review of Ghana’s Extended Credit Facility programme, and a sovereign credit rating upgrade from S&P Global Ratings.
A Stronger Investment Case
Dr. Asiama assured participants that Ghana is entering a new phase where macroeconomic stability meets investment opportunity. He highlighted three pillars of Ghana’s renewed investment case including Policy Stability, Real Sector Growth and Financial Sector Resilience.
Key sectors open to investors include green energy, digital innovation, light manufacturing, logistics, and agribusiness — all aligned with Ghana’s climate goals and AfCFTA ambitions.
“Investors are not just looking for returns — they are looking for stability, governance, and strategic alignment. Ghana offers all three,” he stated.
Cedi Stability and Capital Markets
The Governor directly addressed concerns about the sustainability of the cedi’s appreciation, assuring participants that it reflects deeper structural changes and policy credibility.
“To those still holding dollars in anticipation of a return to old patterns of depreciation, I say this plainly: the market has changed. The policy environment has changed,” Dr. Asiama declared.
He added that the central bank is rigorously enforcing foreign exchange market regulations to ensure transparency and discourage speculative behaviour.
A Call for Regional Collaboration
Looking beyond Ghana, Dr. Asiama called for greater regional financial integration, harmonized regulatory frameworks, and interoperable payment systems to facilitate intra-African trade and investment under the AfCFTA.
“Africa’s financial future depends not only on external capital but on our institutions’ ability to manage and multiply that capital effectively,” he said.
Appeal to Investors
Dr. Asiama reaffirmed Ghana’s commitment to responsible partnerships, long-term value creation, and reform-led growth.
“The Ghana opportunity is not theoretical — it is real, it is unfolding, and the time to engage is now,” he urged.
The keynote concluded with appreciation to Invest Africa, Standard Chartered, and development partners for creating a platform that merges dialogue with actionable investment pathways.
