The Governor of the Bank of Ghana (BoG), Dr Johnson Pandit Asiama, says that Ghana is on course to successfully exit its programme with the International Monetary Fund (IMF) next year, as key economic indicators continue to improve.
Speaking at the 2025 IMF-World Bank Annual Meeting in Washington DC, Dr. Asiama said that Ghana had “turned the corner”, with inflation dropping sharply to about 9.4 per cent and growth showing strong recovery above the projections of the programme.
He attributed the progress to sound monetary management, fiscal consolidation and the innovative gold-for-reserves initiative that had boosted foreign exchange stability.
According to him, with continued discipline and policy consistency, Ghana will be well positioned to sustain growth and financial stability beyond the IMF programme.
“And so, we came into office with lots of liquidity, and high inflation. And I remember when we came in, there was talk about whether we should cancel the programme altogether.
“There was doubt as to whether we would be able to carry on with the programme.
“I am happy to say that eight months down the road, we have turned the corner. Ghana is back, inflation which was at nearly 24 per cent is currently down to 9.4 per cent. We are seeing a strong rebound in growth. We are running ahead of programmes,” he said.
Dr Asiama explained that Ghana’s economic turnaround had been driven by coordinated reforms between the central bank and the Ministry of Finance, supported by the IMF’s technical and policy guidance.
He explained that the policy mix, which included tight monetary control, fiscal consolidation and structural reforms, had restored macroeconomic stability faster than expected.
He said Ghana had achieved “remarkable progress” in stabilising the cedi, with the exchange rate remaining relatively firm throughout the year.
He added that gross international reserves had improved to about 4.5 months of import cover, reflecting stronger foreign exchange management.
The Governor said the success of the Gold-for-Reserves initiative had been critical in reducing external vulnerabilities by generating about $8 billion in inflows.
Local media reports quoted the governor as saying that the central bank’s focus on responsible gold sourcing had also enhanced transparency and curbed leakages in the gold export value chain.
He said the gains demonstrated that the government’s policy framework was now resilient enough to function beyond the IMF’s support period.
GIK/APA