President John Mahama has praised the Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, and his leadership team for taking bold and coordinated measures to stabilize the economy, restore public trust, and rebuild investor confidence.
According to President Mahama, the central bank’s decisive actions have led to a positive economic turnaround—evident in a stronger Ghana cedi, easing inflation, and renewed global confidence in the country’s financial governance.
“The Bank of Ghana, under Dr. Asiama’s leadership, has become a cornerstone of Ghana’s economic reset agenda, representing both economic sovereignty and institutional credibility,” the President stated. “I’m pleased to note that the recovery process has begun in earnest.”
Reflecting on the state of the economy at the time his administration assumed office, Mahama recalled inheriting a distressed economic landscape, marked by high inflation, a weakened cedi, and eroded investor confidence.
“When we assumed office, the economy we inherited was in crisis. Inflation was surging, the cedi had sharply depreciated, investor trust was at an all-time low, and the debt situation was dire,” he said.
He credited the Bank of Ghana’s steady response—anchored in prudent monetary policy, improved liquidity management, and stronger coordination with the Finance Ministry—for the recovery.
“This turnaround is the result of careful monetary tightening, increased foreign exchange liquidity, and better alignment between fiscal and monetary policies,” Mahama noted.
He highlighted the Ghana cedi’s recent appreciation—3.16% on the interbank market and nearly 5% at forex bureaus—as clear signs of progress driven by sound policy choices and structural reforms.
“Inflation, while still elevated, is showing signs of moderation. The gains we’re seeing in the currency reflect disciplined leadership and economic resilience.”
President Mahama concluded by noting that Ghana’s improved fiscal trajectory has revived international confidence, reinforcing the country’s position on the global economic stage.
President John Mahama has described the recent staff-level agreement reached with the International Monetary Fund (IMF) during the fourth review of Ghana’s Extended Credit Facility as a strong signal of growing international confidence in the country’s economic reforms and governance.
“This agreement reflects not only the progress we’ve made, but also the increasing credibility of our economic management on the global stage,” he said.
While commending the Bank of Ghana for its leadership, Mahama emphasized that monetary policy alone is not sufficient to secure a lasting recovery. He underscored the need for continued fiscal discipline under the guidance of Finance Minister Dr. Cassiel Ato Forson.
“Monetary policy alone cannot anchor Ghana’s economic recovery. It must be matched by responsible and disciplined fiscal management,” he stated.
The President reaffirmed his administration’s commitment to comprehensive and coordinated reforms aimed at achieving debt sustainability and long-term economic resilience—not simply to satisfy IMF benchmarks, but to lay the foundation for sustainable development.
“We are enhancing domestic revenue mobilization, curbing wasteful spending, and restoring fiscal discipline—not just to meet IMF conditions, but because our development depends on it,” Mahama explained.
He also applauded the strengthened collaboration between the Bank of Ghana and the Finance Ministry, noting its impact on key areas such as foreign exchange auctions, reserve accumulation, and liquidity management.
“This enhanced coordination is delivering real results—clear for all to see,” he said.
Concluding his remarks, President Mahama called on financial institutions to support real-sector growth by increasing access to credit for small and medium-sized enterprises (SMEs).
“I urge our banks and financial institutions to seize this moment. Extend credit to our entrepreneurs and SMEs. The path to recovery is clear—we must now stay the course,” he urged.
