Ghana is signalling a renewed commitment to long-term investment partnerships, anchored in a genuine macroeconomic recovery driven by meaningful reforms, not empty promises, according to Dr. Johnson Asiama, Governor of the Bank of Ghana.

Speaking at a private investor roundtable hosted by Invest Africa and Standard Chartered on the sidelines of the African Development Bank (AfDB) Annual Meetings, Dr. Asiama said Ghana's economy is now "back on a credible path" after years of volatility marked by high inflation, currency depreciation, and wavering investor confidence.

“The Ghana opportunity is not theoretical — it is real, it is unfolding, and the time to engage is now,” Dr. Asiama told a room of global investors and financial leaders.

Themed ‘De-risking Growth: Building Confidence in African Sovereign Finance’, the roundtable took place against a backdrop of cautious optimism for Ghana, which has recorded a notable economic turnaround in 2025 following a turbulent 2024.

Real GDP growth hit 5.7% in 2024, exceeding expectations, and is projected to grow by 4% in 2025 despite global headwinds. The cedi has appreciated 21.5% year-to-date, reversing a 19.2% depreciation from the previous year. Inflation has also eased, falling from 23.8% in December 2024 to 21.2% in April 2025, thanks to tighter monetary policy and a more stable exchange rate.

Ghana’s gross international reserves rose to US$10.67 billion—covering 4.7 months of imports—while the country recorded a US$2.12 billion current account surplus in the first quarter of 2025.

“These gains are not accidental. They reflect deliberate action,” Dr. Asiama emphasized, pointing to a coordinated macroeconomic framework that prioritises stability, confidence, and growth.

The Bank of Ghana has maintained a tight monetary stance, strengthened liquidity management through active open market operations, and worked closely with the Ministry of Finance on fiscal consolidation efforts. The government has also introduced aggressive spending controls and domestic revenue reforms.

These initiatives have been reinforced by a staff-level agreement with the IMF under the fourth review of the Extended Credit Facility and an upgrade in Ghana’s credit rating by S&P from ‘selective default’ to ‘CCC+’.

Despite the progress, Dr. Asiama cautioned that stabilisation is only the beginning. He stressed that sustaining investor confidence will require deeper reforms in public sector governance, financial intermediation, and investment climate regulation.

“Trust is the real currency in global finance,” he noted. “And it must be earned through consistency, transparency, and reform-minded leadership.”

The Bank’s recent decision to maintain its policy rate at 28% reflects this cautious approach. The unanimous vote by the Monetary Policy Committee was aimed at consolidating inflation gains and keeping expectations firmly anchored.

Dr. Asiama also revealed that the central bank is shifting away from passive liquidity management tools such as the unremunerated cash reserve ratio to a more active open market operations framework. This is expected to enhance liquidity control and support targeted credit expansion to the private sector over time.

In the foreign exchange market, stricter regulatory enforcement, transparent pricing, and reserve accumulation have all contributed to the cedi’s ongoing recovery.

“The cedi’s performance is not an illusion. It is a reflection of real reforms, real discipline, and real resilience,” he said.

Although the financial sector shows mixed signals—capital adequacy ratios improved to 15.8% in April 2025 while non-performing loans remain high at 23.6%—Dr. Asiama expressed confidence in the Bank of Ghana’s supervisory efforts and banks’ improved provisioning strategies.

Beyond macroeconomic indicators, Ghana is positioning itself as a strategic hub for investment in green infrastructure, fintech, logistics, and light manufacturing—sectors aligned with its climate goals and industrial ambitions under the African Continental Free Trade Area (AfCFTA).

“As confidence returns, we see a clear window to reposition Ghana as a preferred investment destination in West Africa,” he said.

However, Dr. Asiama stressed that Ghana is not pursuing short-term, speculative capital. Instead, it seeks strategic, patient investment aligned with national development priorities.

“We believe in responsible capital and in co-creating solutions that support inclusive growth and in de-risking through governance not just guarantees,” he concluded.