The Governor of the Bank of Ghana, Dr Johnson Asiama, has stated that the current economic data and real sector indicators are all pointing to a pickup in economic activities.
He said at the same time, the growth outlook remained largely strong.
Speaking at the 9th Ghana CEO Summit and Expo, in Accra on Monday the Governor said the economic performance was driven by exports, credit to the private sector, and construction activities.
“Another critical indicator, which shows that things have picked is the Ghana Purchasing Managers’ Index, which rose above the 50-benchmark as output whilst new orders increased, signaling improved growth prospects,” the Governor said.
Dr Asiama’s address focused on “Monetary policy, financial stability and innovation: Anchoring Ghana’s economic reset for sustainable growth”.
The Governor revealed that the latest confidence survey had reached the highest in seven years, mainly due to “easing inflationary pressures and optimism about macroeconomic conditions”.
Dr Asiama also insisted that his outfit was not using its international reserves to support the cedi or to engineer an appreciation of the local currency.
“The strengthening of the currency reflects a blend of disciplined monetary policy, tailored FX auction reforms, enhanced remittance channels, and stricter market surveillance not mere short-term interventions,” he said.
The Governor also announced that the decision to review the Cash Reserve Ratio requirement effective June 5 2025, should “support better FX risk alignment and encourage more efficient liquidity planning”.
He also assured the Chief Executives at the summit that “we remain alert to external vulnerabilities – from disinflation divergence in global financial markets to the proposed 5 per cent U.S. tax on outbound remittances”.
He added that “These risks remind us that vigilance is still required”.
The Governor also announced that the Bank of Ghana was exploring the creation of a Bank of Ghana-CEO Forum, which would be “a structured platform to foster timely dialogue, gather market intelligence, and improve policy alignment”.
The Governor noted that the central bank was drawing inspiration from best practices, adding, “he U.S. Federal Reserve, despite its complexities today, has long relied on regional CEO councils for real-time feedback.”
“This isn’t about co-authoring policy, but it is about ensuring that our policies are informed by a grounded understanding of how they impact investment, credit, and enterprise,” he said.
The Governor of the Bank of Ghana also mentioned a modern, transparent, and predictive monetary policy framework, credible foreign exchange market anchored in sound reserves and reduced volatility as some of the priority areas for the banking sector.
The Governor noted that “These priorities reflect not just institutional responsibility, but the demands of our time.”
BY TIMES REPORTER
