Ghana Has Turned a Decisive Corner in Post-Crisis Recovery, Says Governor Asiama
Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has declared that Ghana has “turned a decisive corner” in its post-crisis recovery journey, following years of economic turbulence that severely tested the country’s resilience.
Speaking at the launch of the Cedi@60 celebration on Tuesday, October 28, 2025, Dr. Asiama attributed the country’s recent macroeconomic gains to strong leadership, fiscal discipline, and coordinated policy measures implemented under the administration of President John Dramani Mahama.
“Under the leadership of His Excellency John Dramani Mahama, and through coordinated, difficult, but necessary policy actions, Ghana has turned a decisive corner, and the evidence is compelling,” Dr. Asiama stated.
Providing key indicators of the turnaround, the Governor noted that headline inflation has dropped sharply to 9.4% as of September 2025, returning to the medium-term target band of 8±2% for the first time in four years.
He further revealed that the Cedi has appreciated by 37.4% year-to-date (as of October 17, 2025), making it the best-performing currency in Sub-Saharan Africa during the first eight months of 2025, according to the World Bank.
Additionally, Ghana’s gross international reserves rose to $10.7 billion in August 2025, providing a robust cushion against external shocks and reinforcing investor confidence.
“These gains are not by accident,” he said. “They are the result of hard, sometimes unpopular, but principled decisions — fiscal consolidation by government, a tight monetary policy stance by the Bank of Ghana, and renewed confidence from the investor community and the Ghanaian public.”
Dr. Asiama reflected on the economic challenges the country faced in recent years, describing them as some of the “most complex economic storms in a generation.” He cited the lingering effects of the global pandemic, the domestic debt exchange programme, and tightening global financial conditions, which together eroded macroeconomic stability.
He recalled that as of November 2022, the Cedi had depreciated by over 50%, becoming the worst-performing currency globally, while headline inflation surged to 54.1% and food inflation hit 59.7% in December 2022.
“These were not just numbers; they were lived experiences,” Dr. Asiama said. “They meant rising transport fares, shrinking working capital, unaffordable school meals, and sleepless nights for small business owners and salary earners alike.”
The Governor stressed that Ghana’s rebound underscores the effectiveness of sound macroeconomic management and the resilience of its people.
As part of activities marking the Cedi@60 celebration, the BoG will roll out a year-long national programme including:
Currency exhibitions tracing Ghana’s monetary evolution from pounds to pesewas, and from coins to QR codes.
Public lectures and school tours to deepen understanding of monetary sovereignty.
Diaspora engagements highlighting the role of remittances in strengthening the Cedi.
Special publications and legacy projects to ensure the milestone leaves a lasting educational impact.
Themed “60 Years of the Cedi: A Symbol of Sovereignty, Stability, and Economic Resilience,” the Cedi@60 celebration aims to promote national pride in the local currency while reinforcing public confidence in Ghana’s economic recovery trajectory.
