The Governor of the Bank of Ghana (BoG), Dr. Johnson Asiama, has emphasized that Ghana’s economic transformation will not occur by chance but will require disciplined policy choices, resilient institutions and strong collaboration between the public and private sectors.
Speaking at the 10th Ghana CEO Summit and Expo in Accra on the theme “Monetary Stability, Financial Sector Reform, and Industrial Growth: Driving Ghana’s Economic Transformation from Vision to Action,” Dr. Asiama said recent progress shows that transformation is possible when institutions act decisively and policy coordination is strengthened.
“The task before us is challenging, but it is achievable. The progress we have made demonstrates that when institutions act decisively, when policy coordination is strengthened, and when the public and private sectors work together, the vision of economic transformation can become a reality,” he said.
According to the Governor, the debate is no longer about whether Ghana can recover economically, but whether the country can convert that recovery into sustained prosperity, industrial competitiveness and inclusive growth.
Dr. Asiama stressed that macroeconomic stability remains the bedrock of sustainable development, noting that low and predictable inflation and exchange rate stability are essential for business confidence and investment.
“A stable macroeconomic environment provides the confidence that businesses need to invest, expand and create jobs. Without price stability, businesses cannot plan. Without exchange rate stability, investors hesitate. Without confidence in economic management, long-term capital retreats,” he stated.
He noted that the BoG’s mandate goes beyond technical monetary management and is fundamentally tied to national development. Financial stability, he said, is not an abstract regulatory concept but one that directly affects businesses seeking credit, entrepreneurs pursuing expansion, households saving for the future and investors assessing risk.
A stable financial system, he explained, mobilizes savings efficiently, allocates capital productively, absorbs shocks and supports economic expansion.
To strengthen the sector, Dr. Asiama said the central bank has adopted a more proactive, forward‑looking and risk‑sensitive supervisory framework aimed at identifying vulnerabilities early and ensuring resilience in an increasingly complex financial environment.
Key strategies include proactive risk identification and mitigation, promoting innovation while maintaining resilience, strengthening governance and accountability, and building institutional capacity to address emerging risks.
“Weak controls and poor risk culture can quickly evolve into systemic threats. We are therefore intensifying our supervisory focus on governance standards, board effectiveness and compliance culture across regulated institutions,” he added.
By Ebenezer K. Amponsah Daily Guide
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