President Mahama praises BoG Governor for Cedi stabilization and rebuilding economic confidence

President John Mahama has praised Dr Johnson Pandit Asiama, the Governor of the Bank of Ghana (BoG), and his team for implementing strategic actions to stabilise the economy, rebuild public trust, and strengthen investor confidence.

He says the bold leadership of the central bank has led to a notable reassurance, marked by a stronger cedi, moderating inflation, and renewed global confidence in the financial regulation of Ghana.

President Mahama drew attention to the fact that the Bank of Ghana, (BoG) under Governor Dr Johnson Asiama’s leadership, is a fundamental component of Ghana’s national reset agenda, demonstrating economic resilience and reliability.

The president said that “I’m pleased to note that under the leadership of Governor Dr Johnson Pandit Asiama and the Bank’s senior management, the recovery process has begun in earnest.”

He highlighted the economic difficulties his government took over, highlighting high inflation, a depreciated cedi, and weakened investor trust. “When we assumed office, the economy we inherited was deeply distressed. Investor confidence had hit rock bottom. Inflation was soaring, the cedi had sharply depreciated, and our debt situation was precarious.”

The President praised the BoG’s strategic management of these challenges through effective monetary governance, effective liquidity management, and enhanced fiscal discipline with the Finance Ministry. He linked the recovery to “Careful monetary tightening, improved foreign exchange liquidity, and a better synchronisation of fiscal and monetary policy frameworks.”

He noted that the Ghana cedi has appreciated by 3.16% on the interbank market and nearly 5% at forex bureaus—an outcome he credited to prudent policy choices and systemic changes.
“Inflation, while still high, is moderating.

The Ghana cedi has appreciated by 3.16% on the interbank market and by nearly 5% at the forex bureau—a remarkable reversal of last year’s volatility.

President Mahama also noted a strengthened international reputation in Ghana’s economy.

“The staff-level agreement reached with the IMF during the fourth review of our extended credit facility programme reflects growing international confidence in our reforms and in the credibility of our economic governance.”

While praising the BoG, he drew attention to the fact that monetary policy alone faces significant challenges in achieving recovery, underlining the need for discipline in terms of fiscal management led by Finance Minister Dr Cassiel Ato Forson. “Monetary policy alone cannot secure Ghana’s economic recovery. It must be complemented by disciplined fiscal policy.”

He reiterated his administration’s dedication to strategic reform implementation, debt sustainability, and durable economic performance —not just to meet IMF conditions, but to foster long-term growth.

“We’re improving domestic revenue mobilisation, streamlining public expenditure, and restoring fiscal discipline—not to tick IMF boxes, but because sustainable development depends on it.”

President Mahama also commended the improved coordination between the Bank of Ghana (BoG) and the Finance Ministry. “This improved synergy is reflected in our joint work on Forex Auctions, Reserve Accumulation, and Liquidity Management. And the results are already evident for all to see.”

He ended by encouraging financial institutions to allocate resources to small and medium enterprises to foster sectoral growth. “I urge banks and financial institutions to take advantage of the positive developments and extend credit to businesses, especially small and medium enterprises. The path to recovery is clear, but we must stay the course.”

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