BoG Governor assures investors Ghana is ready for business again

Governor of the Bank of Ghana, Dr. Johnson Pandit Asiama, has assured investors that Ghana is once again open for business, citing recent economic reforms and improving macroeconomic conditions as evidence of the country’s renewed investment appeal.

Speaking at the Ghana-UK Investment Summit in London, Dr. Asiama said the government and the central bank have undertaken significant policy and institutional reforms to restore economic stability and rebuild investor confidence following the economic challenges of 2022 and the implementation of the Domestic Debt Exchange Programme.

He acknowledged that the debt restructuring process had left some investors cautious but stressed that measures have since been introduced to prevent a recurrence of the circumstances that led to the crisis.

According to him, amendments to the Bank of Ghana Act have strengthened safeguards against excessive central bank financing of government expenditure, while new fiscal rules are promoting greater discipline in public financial management.

“We are building back better. What happened in the past belongs to the past,” Dr. Asiama told participants at the summit.

The Governor pointed to improving economic indicators as signs that Ghana’s recovery is firmly underway. However, he noted that geopolitical tensions, particularly the ongoing conflict in the Middle East, continue to pose risks to the global economy and are slowing the pace of interest rate reductions.

He indicated that interest rates could have fallen below 10 percent in the absence of current geopolitical uncertainties but expressed confidence that rates would continue to decline as global conditions stabilise.

Dr. Asiama further highlighted Ghana’s long-term growth ambitions, drawing comparisons with successful financial centres in Asia and the Middle East. He suggested that with the right investments and policy support, Ghana could develop into a leading financial and investment hub on the African continent.

He revealed that the country is pursuing plans to transform Accra into a major international financial services centre within the next few years as part of efforts to attract global capital and strengthen economic competitiveness.

The BoG Governor also called on the Ghanaian diaspora and international investors to take advantage of emerging opportunities in the economy, arguing that the country’s improving economic environment offers strong prospects across several sectors.

According to him, Ghana’s renewed stability, reform agenda, and strategic vision position the country as an attractive destination for investment and long-term economic growth.

Prince Antwi

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