Bank of Ghana Governor Credits Consultations for Economic Recovery

The Bank of Ghana's (BoG) Governor, Dr. Johnson Asiama, declared that a leadership style focused on listening and consulting has been vital for Ghana's economic comeback. He spoke at the Ghana-UK Investment Summit in London on June 1, 2026.

Dr. Asiama explained that one of his key changes was to make the central bank more understandable. He wanted to engage more deeply with everyone involved in the economy. His time away from the BoG showed him public worries and critiques. He brought these lessons back when he became Governor.

The Bank now regularly meets with trader groups. It also talks to financial companies and other businesses. This helps them understand the country's economic problems better. For example, talks with the Ghana Union of Traders’ Associations (GUTA) and other groups led to changes in how foreign money is managed. The central bank also listened to digital creators. These creators had trouble getting paid by international online platforms.

Governor Asiama said talking directly to these groups helped the Bank spot problems. They then found solutions to get payments flowing again. “We listen more because good policy comes from understanding the problems people face,” he stated. The Bank and the Ministry of Finance started with the same view of the economy's issues. They worked together on reforms.

One early decision by the Monetary Policy Committee was to raise the main interest rate. This aimed to fight rising prices and rebuild trust in the economy. The hardest choice was raising the rate from 27% to 28%. This made later rate reductions more believable. The Bank then followed a plan with four main parts. These included strict monetary policy, managing money supply, saving foreign currency, and making the financial system stronger.

Changes in the remittance sector also helped bring more foreign money into Ghana. This was done by making sure money sent home entered the official banking system. Inflows from remittances reached almost US$8 billion last year. This greatly helped the economy and kept the cedi stable.

Dr. Asiama also mentioned plans for new investment products. These would be for Ghanaians living abroad. One idea is to create investment items backed by gold. He sees the diaspora as a key source of money for investment. This money can greatly help the country develop. The Governor stressed that keeping the economy stable is the Bank's main job. He is confident that current reforms will make Ghana's economy more robust.