Under the stewardship of Dr. Johnson Pandit Asiama, the Bank of Ghana (BoG) has ushered in a period of remarkable macroeconomic stability and currency strength, setting a new tone for Ghana’s economic prospects.
Business leaders, analysts, and citizens alike have witnessed a transformation that has not only restored faith in the Ghana cedi but has also bolstered investor confidence and laid a foundation for sustainable growth.
One of the most compelling narratives to emerge during Dr. Asiama’s tenure is the impressive appreciation and sustained stability of the cedi against major foreign currencies, particularly the US dollar. In 2025, the cedi made headlines by appreciating over 37 percent year-to-date, a performance that set it apart as one of Sub-Saharan Africa’s best-performing currencies.
Dr. Asiama has been quick to clarify that this isn’t the result of artificial interventions or unsustainable currency management. Instead, he attributes the turnaround to a mixture of robust policy reforms, enhanced foreign exchange market operations, and stronger inflows from remittances, gold, and cocoa exports. The Bank of Ghana, he insists, has not resorted to draining reserves to prop up the currency, but rather has relied on the strength of Ghana’s improving macroeconomic fundamentals.
The impact of these changes has rippled throughout the economy. Exchange rate volatility, a historical source of anxiety for importers, exporters, and consumers, has markedly eased. Pricing for businesses has become more predictable, and the business community is finding it easier to plan investments and manage foreign-currency obligations. Long-term planning, once hampered by uncertainty, is now back on the agenda for many Ghanaian firms.
The cedi’s resurgence has coincided with a suite of positive macroeconomic developments. Inflation, which once soared in the double digits, has plummeted to a reassuring 3.8%, cementing confidence in Ghana’s price stability. The central bank’s carefully calibrated monetary policy, including strategic interest rate adjustments, has helped manage the delicate balance of disinflation and economic expansion.
Meanwhile, Ghana’s gross international reserves have reached record highs, providing months of import cover and a robust buffer against external shocks. Trade surpluses, driven by strong performances in gold, cocoa, and other key exports, have further reinforced Ghana’s foreign exchange position and sent positive signals to the markets.
These improvements are not lost on the business sector. Investors and entrepreneurs now see a more stable, predictable environment, one where risks are easier to assess, and opportunities are more visible. Portfolio inflows have increased, and local businesses benefit from reduced uncertainty in the cost of imports and foreign-denominated liabilities. Such stability is crucial for productivity, expansion, and job creation.
Crucially, Dr. Asiama’s transparent approach to policy communication has reduced speculation and fostered trust. By clearly articulating that the cedi’s gains are underpinned by real economic progress, not just central bank intervention, the BoG has reassured both domestic and international stakeholders.
Still, Dr. Asiama remains candid about the challenges. He acknowledges that the cedi, while much stronger, is not immune to external pressures, especially given Ghana’s dependence on commodity exports. He stresses the ongoing need for economic diversification and broad reforms to maintain this newfound resilience.
In summary, Dr. Asiama’s tenure at the Bank of Ghana has been defined by policy coherence, monetary discipline, and a relentless pursuit of market stabilization. These efforts have not only revived the cedi but have restored confidence across Ghana’s economic landscape, setting the stage for a future defined by growth, stability, and renewed optimism.
Source: Apexnewsgh.com
