The governor of the Bank of Ghana, Dr Johnson Asiama, has stated that Ghana’s economy has achieved significant recovery after years of instability during the IMF/World Bank Governor Talk Series in Washington, D.C., United States.
Speaking on the theme “From Crisis to Confidence: Ghana’s Journey to Macroeconomic Stabilisation, Dr Asiama reflected on the condition of the economy when he assumed office. He described Ghana as being “back on track” after months of consistent policy discipline and economic reforms.
“We inherited a challenging economy,” he stated. “In 2022, we faced a domestic debt crisis, and fiscal policy was highly expansionary. This situation forced us to exit the international financial market and rely heavily on domestic financing.
“We also went through several sovereign downgrades. When we took office, liquidity levels were high, inflation was rising, and the exchange rate was depreciating significantly,” he added.
Dr Asiama noted that, at the time, there were even discussions about whether Ghana should discontinue its IMF-supported programme due to doubts about the country’s ability to meet its targets.
“I recall that when we assumed office, there were talks about cancelling the programme altogether, as many questioned whether we could continue with it,” he said.
