BoG Governor urges investors to Judge Ghana by reforms, not 2022 economic crisis

Speaking at the Ghana-UK Investment Summit in London, Dr Asiama said some investors continue to view Ghana through the lens of the economic turmoil and debt restructuring programme that unfolded four years ago, despite significant progress made since then.

He acknowledged that concerns arising from the Domestic Debt Exchange Programme (DDEP) and the broader economic difficulties of 2022 were understandable. However, he stressed that major institutional and policy reforms had since been implemented to strengthen economic governance and restore investor confidence.

According to the Governor, both fiscal and monetary authorities have undertaken deliberate measures to rebuild the economy and create a more resilient macroeconomic environment.

He highlighted amendments to key legislation, including reforms to the Bank of Ghana Act, which now impose tighter restrictions on central bank financing of government expenditure.

Dr Asiama said the new legal framework had eliminated some of the practices that contributed to past economic instability, while stronger fiscal rules had been introduced to promote budget discipline and long-term sustainability.

“We are building back better. What happened in the past belongs to the past,” he stated.

The Governor noted that Ghana had restored macroeconomic stability and was now in a stronger position to attract long-term investment and support sustainable economic growth.

He further indicated that global developments, particularly tensions in the Middle East, had temporarily slowed the pace of declining interest rates.

“But for the Middle East crisis, interest rates would probably have been below 10 per cent by now,” he said.

Despite these external challenges, Dr Asiama expressed confidence that interest rates would continue their downward trend once global pressures ease.

He said the country was now focused on leveraging economic stability to drive transformation and attract greater levels of domestic and foreign investment.

The Governor also encouraged Ghanaians living abroad to take advantage of investment opportunities in the country, describing diaspora investment as a key catalyst for attracting additional international capital.

According to him, Ghana possesses the talent, capital and institutional capacity needed to emerge as one of Africa’s leading investment destinations.

Dr Asiama further outlined a vision of establishing an international financial services centre in Accra within the next few years, positioning Ghana as a major financial hub on the continent.

He expressed optimism that the country could achieve this ambition if current economic reforms and governance measures are maintained.