BoG Governor Warns Ghana’s Economic Stability Still Fragile Despite Positive Indicators
Governor of the Bank of Ghana (BoG), Dr Johnson Asiama, has cautioned that although Ghana’s recent signs of macroeconomic stability are genuine, the gains remain fragile and largely untested against global economic shocks.
Speaking at the maiden Pan-African Central Bank Governors’ Conference held in Accra, Dr Asiama noted that the current economic recovery reflects real progress but emphasised the need for sustained discipline and credible policy implementation to consolidate the gains achieved so far.
“Colleagues, as we stand at a reflection point, economic growth is returning in many of our countries. Beneath this growth across the continent lies our fragility,” he stated. “We still have to contend with high borrowing costs and fiscal strains. In other words, our stability is real, but it is still being tested,” he added.
Dr Asiama further urged his colleague governors to view their roles beyond monetary policymaking, describing central banks as “custodians of public trust” responsible for sustaining confidence in national economies. He underscored the importance of stronger coordination between monetary and fiscal authorities, prudent reserve management, and the development of response mechanisms to external shocks.
The conference, jointly hosted by the Bank of Ghana and the Bank of England, brought together central bank governors, deputy governors, and senior officials from across the continent. Discussions to be held at the two-day event will focus on macroeconomic stability, exchange rate management, inflation targeting, digital currencies, fintech innovation, and regional policy coordination.
The event provides a platform for knowledge sharing and collaboration among African central banks aimed at strengthening policy frameworks and building more resilient economies across the region.
