The Governor of the Bank of Ghana, Dr. Johnson Asiama, has announced that a new wave of legislative and policy reforms will act as a critical “firewall” to protect the nation from a return to the financial distress experienced just three years ago.
Speaking at the listing of First Atlantic Bank on the Ghana Stock Exchange, Dr. Asiama emphasized that recent Parliamentary amendments to the Bank of Ghana Act are central to this strategy. These reforms are specifically designed to restore public confidence and strengthen the independence of the central bank, ensuring it can prevent the structural weaknesses and policy excesses that necessitated the Domestic Debt Exchange Programme.
Reflecting on the “homegrown crisis” of 2022, which saw inflation peak at 54.1% and the cedi lose over half its value, the Governor noted that while the resulting debt restructuring was unavoidable, it severely tested the financial system’s balance sheets.
He argued that the experience underscores the need for deep, diversified markets and strong institutions rather than temporary fixes. Complementary reforms from the Ministry of Finance are also being implemented to reinforce the country’s macroeconomic framework and create a more disciplined financial environment.
Dr. Asiama characterized Ghana’s recovery as “real, measurable, and meaningful,” pointing to the sharp decline in inflation to 6.3% as of November 2025, with projections suggesting it could reach 5% by year-end.
This progress is supported by a 24% year-to-date appreciation of the cedi, bolstered by tighter monetary policy and a significant increase in gross international reserves, which now exceed $11 billion. With GDP growth reaching 6.3% in the first half of 2025, the Governor remains committed to consolidating these gains through sustained reform and policy coordination.
